This Daily Interest Loan Calculator will help you to quickly calculate either simple or compounding interest for a specified period of time.
You can either calculate daily interest for a single loan period, or you can create a loan schedule made up of multiple periods, each with their own time-frames, principal adjustments, and interest rates.
Plus, you can print out a copy of the running balance schedule so you can just start from where you left off on your next visit.
All these features make the calculator ideal for tracking personal loan interest, promissory note interest, or other types of owner-financed, interest bearing notes.
And finally, in case you're wondering how this calculator came into being, it was born out of the following email I received:
I need a simple interest, daily accumulated interest to do a running balance due including principal. Spreadsheet?
Example, I loan a customer $13,000.00 on a note, 10% annual (360 day) simple interest. The loan is usually secured, sometimes not. Generally these are 6 month notes but due dates are not important. No regular payments, monthly or otherwise.
Here is what and where I need help on.
At some point in time my borrower may send me a payment of $9,050.00 which is applied to the note and then 2 months later borrows $2,750.00, increasing the note. Then the next month, the borrower sends me $500.00 for the next three months running to be applied to the note.
I love getting those kinds of emails! They get my wheels turning and allow me to serve others through a work I love.