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Statutory interest calculator (New York)
New York's 9% rate has been running since the day they were supposed to pay.
CPLR 5001, 5004Under CPLR 5001 and 5004, interest on a contract or commercial claim runs at nine percent a year from the date payment was due. Consumer debt owed by an individual carries two percent instead. A demand letter that states the accrued interest is a demand that gets larger the longer it is ignored: enter the numbers and see yours.
Read this before you rely on it. This tool is general legal information about New York law, not legal advice about your situation. It uses simplified assumptions, it may not reflect the most recent changes in the law, and it cannot account for facts it does not ask about. Using it does not create an attorney-client relationship with Hochman Law PC or Daniel Hochman, Esq., and the firm is not responsible for decisions made, deadlines missed, or letters sent in reliance on its output. Verify any number or date against the current statute or with an attorney before you act on it. Attorney Advertising; prior results do not guarantee a similar outcome.
Worth knowing
Simple interest, computed daily. The 2% consumer rate applies to consumer debt (judgments and claims arising from consumer credit transactions against natural persons) under the 2022 amendment to CPLR 5004; business and contract claims stay at 9%. A contract can set a different pre-judgment rate.
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Unpaid invoice demand letter. $499 flatQuestions
What is the statutory interest rate in New York?
Nine percent per year under CPLR 5004 for most claims; two percent for consumer debt owed by an individual after the 2022 amendment.
When does interest start?
On a contract claim, from the earliest date the cause of action existed, usually the day payment was due (CPLR 5001).
Can I demand interest in a letter before suing?
Yes. Stating the accrued interest and the per-day accrual is standard in an attorney demand letter and is part of what makes delay expensive.
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Reviewed by Daniel Hochman, Esq., New York Bar · Last updated August 2026 · About the attorney