Late Payment Interest Calculator
Interest and total claim on overdue invoices
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About this tool
A customer pays late, and you want to know what you can claim. Enter the overdue amount, the due date, the payment date and the annual interest rate, and you get the days late, the interest and the total claim in seconds.
The interest is simple interest, counted day by day: overdue amount times annual rate times days late, divided by 365. Days late are counted from the day after the due date up to and including the payment date.
Example: 2,400 EUR were due on 15 March and arrive on 14 May. That is 60 days late. At an annual rate of 10.5 % the interest is 2,400 x 10.5 % x 60 / 365 = 41.42 EUR. Add the 40 EUR fixed compensation for a business customer and your total claim is 2,481.42 EUR.
In the EU, the Late Payment Directive (2011/7/EU) sets the rules between businesses: the statutory interest rate is the central bank reference rate plus at least 8 percentage points, and you may claim a fixed 40 EUR for recovery costs. Each country sets its own reference rate and details, and other rules apply to consumers - so enter the rate that applies to you.
How to use it
- 1 Enter the overdue amount of the invoice.
- 2 Pick the due date and the date the payment arrived (or today).
- 3 Enter the annual interest rate that applies to the invoice.
- 4 Switch on the 40 EUR fixed compensation if your customer is a business in the EU.
- 5 Read the days late, the interest and the total claim, and add them to your reminder.
What you get
- Days late, interest and total claim in one result
- Exact day count, simple interest on a 365-day year
- Optional 40 EUR fixed compensation for B2B claims
- Use your own rate for any country or contract
- Figures ready to paste into a payment reminder
CRM Business Hub Do it for every case with CRM Business Hub
Work out one claim here – or let CRM Business Hub send reminders and dunning levels with fees for every overdue invoice, automatically or by hand.
Cancel anytime · No long-term contract · 14 days free
