Statutory Interest Calculator - Ohio

Under ORC § 1343.03 with the rate set by the Ohio Tax Commissioner under ORC § 5703.47, the statutory and post-judgment rate for 2026 is seven percent (7%) per year simple interest. The 2025 rate was eight percent (8%). The rate is fixed on the judgment date and remains until satisfaction. Express contract rates may govern when provided. Verify the certification for your judgment year. 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.

Post-judgment interest begins on the judgment date under ORC § 1343.03(A) and (B). Pre-judgment tort interest in good faith under ORC § 1343.03(C) begins from accrual of the claim. Contract rates may run from breach when the agreement controls. Build a chronology of breach, judgment, and 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 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.

An express contract rate governs when provided and enforceable. ORC § 1343.03 and the Tax Commissioner schedule under ORC § 5703.47 apply when no contract rate controls—seven percent (7%) for 2026 judgments. Do not apply the current year rate to an old judgment; use the rate fixed on the judgment 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.

ORC § 1343.03 uses simple interest on principal in routine planning. No default compounding. Michigan MCL 600.6013 compound annual interest is different. This calculator uses simple interest only. 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.

Pre-judgment tort in good faith under ORC § 1343.03(C) from accrual; post-judgment under § 1343.03(A) and (B) from judgment date at the Tax Commissioner rate locked at entry—seven percent (7%) for 2026. Segment phases before demanding one rate. 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.

Simple interest: principal times rate times years. Twenty-five thousand dollars at seven percent for eighteen months equals two thousand six hundred twenty-five dollars. Use the rate in effect on your judgment date. TheLegalCalc multiplies your inputs. Consult Ohio counsel before 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.