Simple Interest Savings

Free Simple Interest Savings calculator with clear step-by-step results.

About Simple Interest Savings

Simple interest accrues only on the original principal, unlike compounding.

Formula

Interest = principal × rate × years

Worked example

With the default values below, Simple Interest Savings returns Simple Interest of $200.00. Change any input above and every figure here is recalculated in your browser.

Inputs used

Principalminimum 0 $: 1,000 $
Annual rateaccepts 0–30: 4
Yearsaccepts 1–60: 5

Results

Simple Interest: $200.00
Total After Interest: $1,200.00
Rate Used: 4.00%

Step by step

1Values used
2Formula
3Simple Interest= $200.00
4Total After Interest= $1,200.00
5Rate Used= 4.00

Assumptions and limits

The result is derived only from the 3 inputs listed above. Anything not among them is not part of the calculation.
In particular, this calculator does not take inflation, tax or fees or charges into account.
Figures are rounded for display to 2 decimal places, so totals built from several rounded parts can differ slightly from the unrounded arithmetic.
This is an estimate for general information and not professional financial, tax or legal advice. See the full disclaimer for the limits that apply to this kind of calculator.

How these calculators are built and tested is described on the Methodology page. If a figure looks wrong, please report it.

Frequently Asked Questions

How does this calculator work?