Free Interest Calculator
Calculate simple and compound interest on savings, loans, and investments. Understand how interest accrues over time and how your credit score affects the interest rates you pay on every major loan.
Simple vs Compound Interest
Simple interest is calculated only on the principal balance: Interest = Principal x Rate x Time. Compound interest accumulates on both principal and previously earned interest, causing exponential growth. Savings accounts and investments work in your favor with compounding. Loans are amortized, which has a similar effect to compounding but works against the borrower.
How Credit Score Affects Interest Rates
A 100-point improvement in your credit score can reduce your mortgage rate by 1-3%. On a $300,000 mortgage over 30 years, that single improvement is worth $60,000-$100,000 in total interest savings. Credlocity's FCRA-certified credit repair removes inaccurate negative items that suppress your score and cost you thousands of dollars in higher interest payments on every loan you take.
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