fincalculator
Interest Calculator
Use this free Interest Calculator to calculate simple and compound interest over time. Simple, accurate, and easy to use for loans or savings.
The Interest Calculator is a versatile tool designed to calculate both simple and compound interest. Whether you are savings for a goal or analyzing a loan, understanding how interest accumulates is key to financial success.
It allows you to compare different compounding frequencies—from daily to annually—or see the difference between simple interest (calculated only on the principal) and compound interest (where interest earns interest).
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INPUT VALUES
When to Use This Calculator
Use this calculator to:
- Project Savings Growth: See how your money grows over time with different interest rates and compounding schedules.
- Estimate Loan Costs: Understand the total interest you will pay on a loan if it compounds.
- Compare Accounts: Determine if a savings account with daily compounding is remarkably better than one with monthly compounding.
Example Scenario
Principal: $1,000
Rate: 5%
Time: 5 Years
Compounding: Annually
Total Balance: ~$1,276.
Total Interest: ~$276.
(Compared to Simple Interest: $1,250 Total, $250 Interest)