A simple and compact point-diffraction interferometer with circular common-path geometry configuration is developed. The interferometer is constructed by a beam-splitter, two reflection mirrors, and a telescope system composed by two lenses. The signal and reference waves travel along the same path. Furthermore, an opaque mask containing a reference pinhole and a test object holder or test window is positioned in the common focal plane of the telescope system. The object wave is divided into two beams that take opposite paths along the interferometer. The reference wave is filtered by the reference pinhole, while the signal wave is transmitted through the object holder. The reference and signal waves are combined again in the beam-splitter and their interference is imaged in the CCD. The new design is compact, vibration insensitive, and suitable for the measurement of moving objects or dynamic processes.