This calculator estimates late fees for past-due rent based on dates, and the grace period or fee structure as defined in your lease agreement.
How to Use This Calculator
Sure! A simple step-by-step to use the Rent Late Fees Calculator
1. Rent Amount: Enter Rent amount due.
2. Set Due Date: Select a due date that the rent owes by.
3. Payment Date: Pick the date you intend to pay or type in a suitable one.
4. You will see Specify Grace Period, now enter the number of days you have not to pay your bill before having to pay a late fee
5. At IFT Flat Late Fee: Enter any fixed fee which is charged if you paid after grace period.
6. Set Additional Daily Fee: If there is an added charge per day after the grace time period.
7. Late Fee calculation: Tap on Calculate Late Fee to get the final late fee.
8. Review Results: The total late fee in dollars will be displayed.
9. Clear Form (optional): Use the “Clear” button to reset all fields and start over if needed.
Example Calculation
Assume the following terms from a lease agreement:
- Rent is $1,000 per month, due on the 1st of each month.
- There is a 5-day grace period.
- A late fee of $50 is applied if the payment is late.
- An additional fee of $5 per day is applied after the grace period.
Let’s calculate the late fee for a rent payment made on the 10th of the month.
1. Due Date and Grace Period:
- Due Date: 1st of the month
- Grace Period: 5 days (rent can be paid without a late fee until the 5th)
2. Days Late:
- Payment Date: 10th of the month
- Days Late: 10 – 1 = 9 days
3. Apply Late Fee Terms:
- Initial Late Fee (if payment is made after the 5th): $50
- Additional Daily Fee (from the 6th to the 10th, 5 days): 5 days * $5/day = $25
Where can I get more information about late fees and rental agreements?
For detailed information about late fees and rental agreements, consult your lease contract or local tenancy laws. Legal advice may also be helpful for specific questions or concerns.
