Invoice Late Fee & Statutory Interest Calculator
Calculate compound interest and late fees on unpaid invoices using statutory rates or custom percentages.
Invoice Late Fee & Statutory Interest Calculator
Calculate late payment penalties
Calculate compound interest and late fees on unpaid invoices using statutory rates or custom percentages.
Original invoice total
Number of days overdue
Statutory or agreed rate
Late Payment Charges
Total Late Fee
$6.16
Interest charged over time period
Final Amount Due
$5006.16
Original + interest
Daily Cost
$0.21
Fee accruing per day
Effective Rate
0.12%
Fee as % of original invoice
Typical Statutory Rates:
- UK: Statutory interest rate: 8% + Bank of England base rate
- US: Varies by state; typically 1-2% per month
- EU: 8% per annum standard; 5-10% for B2B
- India/Bangladesh: 12-18% per annum common
Late Payment Interest
Late payments represent a significant cash flow risk for small businesses and freelancers. Enforcing a late fee policy, aligned with local limits, incentivizes prompt payment and compensates you for the lost time value of your money. Always state these terms clearly in your initial contract.
💡 Pro Tip:
Always clearly state your net payment terms (e.g., Net 30) and the specific late fee percentage in the initial contract and on every invoice.
Reduce Late Payments with Automation
Olgax Invoicing automates late fee calculations and payment reminders.