Statutory Interest Calculator - Illinois

735 ILCS 5/2-1303 sets nine percent (9%) per year post-judgment default, five percent (5%) for consumer debt judgments with principal not exceeding twenty-five thousand dollars under subsection (b)(2), and six percent (6%) for local government defendants. Pre-judgment personal injury and wrongful death interest is six percent from filing for up to five years under the 2021 amendment. Rates are fixed by statute. Screen category before quoting one number in 2026. Document principal, rate category, payment chronology, and governing statute on every demand letter or payoff quote. Partial payments reduce the principal base prospectively under simple interest math. This calculator provides educational estimates only and does not replace advice from a licensed attorney familiar with your court, claim type, and docket. Verify official statute text and court rules before filing, settling, or enforcing.

Post-judgment interest begins on the judgment date on unpaid principal. Pre-judgment personal injury interest at six percent begins on the filing date and runs for a maximum of five years under 735 ILCS 5/2-1303(a) as amended. Contract prejudgment may follow agreement or statute. Partial payments reduce principal. Do not extend the five-year PI prejudgment cap to post-judgment accrual. Document principal, rate category, payment chronology, and governing statute on every demand letter or payoff quote. Partial payments reduce the principal base prospectively under simple interest math. This calculator provides educational estimates only and does not replace advice from a licensed attorney familiar with your court, claim type, and docket. Verify official statute text and court rules before filing, settling, or enforcing.

A written contract rate may govern prejudgment interest if enforceable. Post-judgment statutory rates under 2-1303 apply to judgments regardless of silent contracts unless the judgment incorporates a different order. Consumer five percent and PI six percent prejudgment are statutory overlays—compare your note to 735 ILCS 5/2-1303 before assuming nine percent for every phase. Document principal, rate category, payment chronology, and governing statute on every demand letter or payoff quote. Partial payments reduce the principal base prospectively under simple interest math. This calculator provides educational estimates only and does not replace advice from a licensed attorney familiar with your court, claim type, and docket. Verify official statute text and court rules before filing, settling, or enforcing.

735 ILCS 5/2-1303 uses simple annual rates on principal in routine planning. No default compounding. This calculator uses simple interest. The five percent consumer, six percent PI prejudgment, and nine percent default are all simple on principal after partial payments. Document principal, rate category, payment chronology, and governing statute on every demand letter or payoff quote. Partial payments reduce the principal base prospectively under simple interest math. This calculator provides educational estimates only and does not replace advice from a licensed attorney familiar with your court, claim type, and docket. Verify official statute text and court rules before filing, settling, or enforcing.

Pre-judgment PI interest is six percent from filing for up to five years under the 2021 amendment. Post-judgment is nine percent default, five percent consumer, or six percent government under 2-1303. Start dates and caps differ. Segment PI prejudgment before applying post-judgment nine percent on the judgment principal. Document principal, rate category, payment chronology, and governing statute on every demand letter or payoff quote. Partial payments reduce the principal base prospectively under simple interest math. This calculator provides educational estimates only and does not replace advice from a licensed attorney familiar with your court, claim type, and docket. Verify official statute text and court rules before filing, settling, or enforcing.

Simple interest: principal times rate times years. Twenty-five thousand dollars at nine percent for eighteen months equals three thousand three hundred seventy-five dollars. At five percent consumer: one thousand eight hundred seventy-five dollars. Pre-judgment PI at six percent for five years max on twenty-five thousand dollars equals seven thousand five hundred dollars. TheLegalCalc multiplies your inputs. Verify category with Illinois counsel. Document principal, rate category, payment chronology, and governing statute on every demand letter or payoff quote. Partial payments reduce the principal base prospectively under simple interest math. This calculator provides educational estimates only and does not replace advice from a licensed attorney familiar with your court, claim type, and docket. Verify official statute text and court rules before filing, settling, or enforcing.