Templates kept up to date with current regulations Secure payment Email support
My order
Calculator Free, no sign-up Data as of 20 October 2026

Security Deposit Interest & Return Deadline Calculator

Calculates interest owed on a security deposit and the landlord's legal deadline to return it, based on your state and city laws. City-specific rules are covered for a selection of major cities.

Your details

Select the state where the rental property is located. This determines the interest rate and return deadline.

Some cities have their own rules. Select 'None' if your city is not listed or if state law applies. Coverage is limited to a selection of major cities.

The original amount of the security deposit paid by the tenant.

The date the tenant's lease began.

The date the tenant surrendered the property and returned the keys.

The total amount the landlord claims for damages, unpaid rent, or cleaning, if known. Enter 0 if none.

The annual interest rate required by your state/city law. The calculator provides a default based on your location, but you MUST verify the current rate with local authorities as it may change. For example, Massachusetts uses 5% or the bank's passbook rate, whichever is lower. New Jersey and NYC rates are variable and the default of 0% means you must input the current rate. Connecticut's 0.5% default may be outdated.

Result

Total Owed to Tenant US$2,000.00

The sum of the original deposit plus interest, minus any lawful deductions. This is the amount the landlord should return by the deadline.

How it is calculated

Applicable Annual Interest Rate The interest rate used for calculation. City law overrides state law if specified. Defaults are based on our latest research but may be outdated or variable. A 0% default for NJ/NYC means interest is required but the rate is variable; you must input the current rate.
5 %
Deposit Held (Days) Total days the deposit was held. Interest is calculated based on the exact period.
1,095 days
Total Interest Owed Simple interest owed on the deposit for the exact period it was held, using a 365-day year.
US$300.00
Legal Return Deadline (Days) Number of days after move-out the landlord has to return the deposit or provide an itemized statement.
30 days
Deposit Return Deadline The last date the landlord can lawfully return the deposit or an accounting. If this falls on a weekend or holiday, the deadline may extend to the next business day (check local rules).
30 June 2026
Keep in mind
  • This calculator provides estimates based on common state and city laws. Laws change frequently and may have specific exemptions.
  • The interest calculation uses simple interest for the exact period held (days/365). Some jurisdictions may require compounding or payment on anniversaries.
  • The 'Annual Interest Rate' input allows you to override the default. You MUST verify current rates with local housing authorities. Defaults for NJ, NYC, CT, and others are variable or may be outdated. A 0% default for NJ/NYC means interest is required but the rate is variable; you must input the current rate.
  • Deductions are subtracted from the total owed. Landlords must provide an itemized statement of deductions within the legal deadline.
  • The return deadline is calculated from the move-out date. If the deadline falls on a weekend or holiday, it is typically extended to the next business day (check local rules).
  • We have expanded the list of cities, but coverage is not exhaustive. If your city is not listed, select 'None' and state law will apply.

Indicative result, calculated from the details and the rules listed below. It does not replace an official calculation or advice from a professional.

Prepare the document now

With the result already worked out, you can fill in the document right away.

The editor opens with the calculator details already entered.

Security Deposit Return Letter
You may also need

Security Deposit Interest and Return Deadlines

A security deposit is money a tenant pays a landlord to cover potential damages or unpaid rent. In many U.S. jurisdictions, landlords are required to pay interest on these deposits and return them within a specific timeframe after the tenant moves out. This calculator helps tenants and landlords determine how much interest is owed and the legal deadline for the deposit's return.

How Security Deposit Interest Works

Not all states require landlords to pay interest on security deposits. Those that do (like Connecticut, Massachusetts, Maryland, and the District of Columbia) set an annual interest rate. Typically, interest accrues for the entire period the deposit is held, calculated on a daily basis. Some cities, such as Chicago, have their own interest requirements that override state law. The interest is usually simple interest, calculated as: Deposit Amount × Annual Interest Rate × (Days Held / 365).

Legal Deadlines for Returning Deposits

Every state sets a deadline by which a landlord must return the security deposit, along with an itemized statement of any deductions. These deadlines range from 14 days (New York) to 45 days (Maryland, Chicago), with 30 days being a common timeframe. The clock starts on the tenant's move-out date or the lease termination date, whichever is later. If the landlord fails to meet this deadline, they may forfeit the right to make any deductions and could be liable for penalties.

Example Calculation

Consider a tenant in Massachusetts who paid a $2,000 security deposit on June 1, 2023, and moved out on May 31, 2026. Massachusetts law requires a 5% annual interest rate (or the bank's passbook rate, whichever is lower) and a 30-day return deadline.

  • Days Held: From June 1, 2023, to May 31, 2026, is 1,095 days.
  • Interest Owed: $2,000 × 5% × (1095 / 365) = $2,000 × 0.05 × 3 = $300.
  • Return Deadline: May 31, 2026 + 30 days = June 30, 2026.
  • Total Owed (if no deductions): $2,000 (deposit) + $300 (interest) = $2,300.

If the landlord claims $300 for repairs, the amount returned would be $2,000.

Common Scenarios

Tenants in States Without Interest Laws: In states like California, Florida, and Texas, landlords are generally not required to pay interest on security deposits (unless local ordinances apply). The focus is on the return deadline (e.g., 21 days in California).

City-Specific Rules: Tenants in major cities must check local ordinances. For example, Chicago requires interest (at a very low rate) and a 45-day return deadline, while New York City requires no interest but a strict 14-day deadline. Los Angeles and Berkeley have their own deadlines.

Landlord's Deductions: Landlords may deduct for unpaid rent, damages beyond normal wear and tear, and cleaning costs. They must provide receipts or estimates to justify these deductions within the statutory deadline.

Next Steps: Preparing a Document

After using this calculator, you may need to formalize the deposit return. Landlords can use a Security Deposit Return Letter to communicate the final accounting to the tenant. Tenants expecting their deposit can send a Tenant Security Deposit Return Request as a formal reminder as the deadline approaches. Having a written record is crucial if a dispute arises.

Frequently asked questions

Is my landlord required to pay interest on my security deposit?

It depends on your state and city laws. Only some jurisdictions, like Massachusetts, Connecticut, Maryland, and Chicago, IL, require interest payments. Most states do not. Use the calculator and select your location to see if interest applies.

What happens if my landlord misses the return deadline?

If the landlord fails to return the deposit or provide an itemized statement of deductions within the legal timeframe, they may lose the right to withhold any money and could be liable to return the entire deposit plus, in some states, additional penalties (often double or triple the amount wrongfully withheld).

How is the interest calculated?

The calculator uses simple interest based on the exact number of days the deposit was held. The formula is: Deposit Amount × Annual Interest Rate × (Days Held / 365). Some local laws might differ, so always verify with local statutes.

Can my landlord charge for normal wear and tear?

No. Landlords cannot deduct for normal wear and tear, which is the expected deterioration of a property from ordinary use. Deductions are only allowed for damages beyond that, unpaid rent, or necessary cleaning if the unit was left excessively dirty.

The calculator's interest rate for my state seems wrong. What should I do?

Interest rates can change and are often variable (e.g., in NJ, CT, NYC). The calculator uses default rates based on our latest research. You can manually enter the current rate in the 'Annual Interest Rate (%)' field after verifying it with your state's housing authority or attorney general's website. We recommend doing this for accuracy.

What if I live in a city not listed in the dropdown?

Select 'None (State law only)' for the city field. The calculator will apply your state's general rules. If your city has its own ordinance, it may not be reflected. You should consult your local tenant union or housing department for specific rules.

Real Estate Transfer Tax Calculator

Calculates the total transfer tax (state, county, city) for a real estate transaction in the United States, based on sale price, location, property type, and transfer type.

Free, no sign-up Calculate →

Rent Late Fee Calculator

Calculate the late fee on overdue rent under your lease and the state cap or grace period (TX, NY, CO, ME, MD or another state). For landlords and tenants who need the fee and the total due.

Free, no sign-up Calculate →

Child Support Calculator

Calculate monthly child support payments and arrears interest based on your state's guidelines, income, custody schedule, and expenses.

Free, no sign-up Calculate →

Calculators →