Judgment Interest Calculator Guide for Ohio

Ohio interest rules

This source-backed guide covers Ohio judgment, obligation, rate-formula, and written-instrument interest rules. It certifies only the quoted source-backed rules below; related interest categories remain outside this page unless they are expressly listed in the receipt.

General obligation and judgment interest

Ohio listed obligations and judgments use the annual rate determined under section 5703.47 unless a written contract provides a different applicable rate.

Ohio Rev. Code § 1343.03. (A) In cases other than those provided for in sections 1343.01 and 1343.02 of the Revised Code, when money becomes due and payable upon any bond, bill, note, or other instrument of writing, upon any book account, upon any settlement between parties, upon all verbal contracts entered into, and upon all judgments, decrees, and orders of any judicial tribunal for the payment of money arising out of tortious conduct or a contract or other transaction, the creditor is entitled to interest at the rate per annum determined pursuant to section 5703.47 of the Revised Code, unless a written contract provides a different rate of interest in relation to the money that becomes due and payable, in which case the creditor is entitled to interest at the rate provided in that contract.

Postjudgment interest computation

Ohio postjudgment interest generally runs from the judgment, decree, or order date until payment at the section 5703.47 rate in effect on the judgment date, and that rate remains in effect until satisfaction.

Ohio Rev. Code § 1343.03(B). (B) Except as provided in divisions (C) and (D) of this section and subject to section 2325.18 of the Revised Code, interest on a judgment, decree, or order for the payment of money rendered in a civil action based on tortious conduct or a contract or other transaction, including, but not limited to a civil action based on tortious conduct or a contract or other transaction that has been settled by agreement of the parties, shall be computed from the date the judgment, decree, or order is rendered to the date on which the money is paid and shall be at the rate determined pursuant to section 5703.47 of the Revised Code that is in effect on the date the judgment, decree, or order is rendered. That rate shall remain in effect until the judgment, decree, or order is satisfied.

Annual statutory rate formula

The tax commissioner determines the federal short-term rate each October 15; rounded to the nearest whole percent plus three percent is the rate for interest accruing during the following calendar year.

Ohio Rev. Code § 5703.47. (B) On the fifteenth day of October of each year, the tax commissioner shall determine the federal short-term rate. For purposes of any section of the Revised Code requiring interest to be computed at the rate per annum required by this section, the rate determined by the commissioner under this section, rounded to the nearest whole number per cent, plus three per cent, shall be the interest rate per annum used in making the computation for interest that accrues during the following calendar year.

Written-instrument contract rate

Ohio written instruments for future payment may stipulate interest up to 8% annually unless a statutory exception permits a higher rate.

Ohio Rev. Code § 1343.01. (A) The parties to a bond, bill, promissory note, or other instrument of writing for the forbearance or payment of money at any future time, may stipulate therein for the payment of interest upon the amount thereof at any rate not exceeding eight per cent per annum payable annually, except as authorized in division (B) of this section.

Not certified by this page

• This receipt does not certify Ohio criminal limitation periods, federal ERISA interest, federal postjudgment interest, escrow interest, residential security-deposit interest, tax interest, compounding assumptions, current-year numeric commissioner notices outside the quoted Code formula, or case-law exceptions outside the quoted sources.

Use the calculator

DocketMath's interest calculator can model interest scenarios once you identify the controlling jurisdiction, amount, rate type, and accrual date. Use the source panel for the verified source-backed rule.

Open the Interest calculator

Sources

• Ohio Rev. Code § 1343.03 — Interest when rate not stipulated
• Ohio Rev. Code § 1343.03(B) — Judgment interest computation
• Ohio Rev. Code § 5703.47 — Annual interest rate determination
• Ohio Rev. Code § 1343.01 — Maximum rate of interest

All sources are official primary law published by codes.ohio.gov.

Corroboration method: government_primary_source_direct_fetch.