Statutory Interest Calculator - Michigan

Under MCL 600.6013(8), the rate is the five-year U.S. Treasury note average plus one percent—four point seven two five percent (4.725%) for January through June 2026 per State Treasurer certification. Contract rates up to thirteen percent (13%) under subsection (7) when specified. Compounds annually from filing under subsection (10). Document principal, rate category, payment chronology, and governing statute on every demand letter or payoff quote. Partial payments reduce the principal base prospectively under the applicable interest formula. 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.

Under MCL 600.6013(10), interest begins on the date of filing the action—not judgment entry or breach alone. This is unique nationally. Document your complaint filing date. Document principal, rate category, payment chronology, and governing statute on every demand letter or payoff quote. Partial payments reduce the principal base prospectively under the applicable interest formula. 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. Document principal, rate category, payment chronology, and governing statute on every demand letter or payoff quote. Partial payments reduce the principal base prospectively under the applicable interest formula. 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.

Specified contract rate applies up to thirteen percent (13%) under MCL 600.6013(7). Otherwise Treasury plus one percent under subsection (8) applies, recertified every six months. Document principal, rate category, payment chronology, and governing statute on every demand letter or payoff quote. Partial payments reduce the principal base prospectively under the applicable interest formula. 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. Document principal, rate category, payment chronology, and governing statute on every demand letter or payoff quote. Partial payments reduce the principal base prospectively under the applicable interest formula. 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.

Yes. MCL 600.6013 compounds interest annually—unlike Ohio, Georgia, and North Carolina simple interest. This calculator uses simple interest for screening only; actual judgments compound. Document principal, rate category, payment chronology, and governing statute on every demand letter or payoff quote. Partial payments reduce the principal base prospectively under the applicable interest formula. 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. Document principal, rate category, payment chronology, and governing statute on every demand letter or payoff quote. Partial payments reduce the principal base prospectively under the applicable interest formula. 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.

Michigan does not split the same way as simple-interest states: accrual from filing under MCL 600.6013(10) covers the litigation period through judgment and beyond, compounding annually. There is no separate post-judgment restart at entry. Document principal, rate category, payment chronology, and governing statute on every demand letter or payoff quote. Partial payments reduce the principal base prospectively under the applicable interest formula. 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.

Court-ready calculations require compound annual math under MCL 600.6013 from filing date at four point seven two five percent (4.725%) for first half 2026. Simple-interest approximation: principal times rate times years from filing. TheLegalCalc screens simple interest; consult Michigan counsel for compound totals. Document principal, rate category, payment chronology, and governing statute on every demand letter or payoff quote. Partial payments reduce the principal base prospectively under the applicable interest formula. 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.