Interest
Calculator

Calculate simple and compound interest on your savings and investments.

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Results

Principal$10,000.00
Total Interest$5,000.00
Final Amount$15,000.00

Yearly Breakdown

YearBalanceInterest
1$10,500.00$500.00
2$11,000.00$500.00
3$11,500.00$500.00
4$12,000.00$500.00
5$12,500.00$500.00
6$13,000.00$500.00
7$13,500.00$500.00
8$14,000.00$500.00
9$14,500.00$500.00
10$15,000.00$500.00

Learn more

How does compounding frequency affect your returns, and what is the Rule of 72?

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Frequently Asked Questions

Simple interest is calculated only on the principal amount. Compound interest is calculated on the principal plus all previously earned interest, causing the balance to grow exponentially over time.

Divide the annual interest rate by 12 to get the monthly rate. For a 6 percent annual rate, the monthly rate is 0.5 percent, applied to the outstanding balance each month.

APR is the Annual Percentage Rate and does not account for compounding within the year. APY is the Annual Percentage Yield and includes the effect of intra-year compounding, making it higher than APR for the same nominal rate.

Interest Calculator - Simple & Compound Interest | ToolsCanvas