Late payment terms come in two common structures — a daily percentage rate that accumulates the longer a payment stays overdue, or a single flat fee regardless of how many days late — and calculating what's actually owed depends on which structure applies.
This calculator handles both: for a daily rate, it multiplies the overdue amount by the daily percentage and the number of days late; for a flat fee, it simply adds the fixed fee amount to the balance due.
Late fee terms and any legal caps on them vary by contract type and jurisdiction — always check the specific terms of your invoice, lease, or agreement rather than assuming a standard rate applies universally.
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Frequently asked questions
Which fee structure is more common?
Both are widely used — subscription and utility bills often use a flat late fee, while some loans, invoices, and rent agreements use an accruing daily or monthly percentage rate; check your specific agreement's terms.
Are there legal limits on late fees?
Many jurisdictions cap late fees at a certain percentage or amount, particularly for rent — check your local regulations if a charged late fee seems unusually high.