Free calculator · For HOA boards
What does a past-due balance owe today, with our late fee and interest?
A $375 quarterly payment is 60 days late. The community charges a $25 late fee after a 15-day grace period and 8% a year in interest from the due date.
Owed today is $404.93: the $375.00, a $25.00 late fee and $4.93 of interest. Thirty more days unpaid makes it $407.40.
The late fee applies once the grace period has passed: once, or once more for every further 30 days the amount stays unpaid, as your rules say.
Interest is simple interest by the day on the past-due amount only, never on the fees: the amount times the yearly rate times the days, divided by 365.
No state’s limits are built in. What a community may charge is set by its governing documents and its state’s law.
Usually as simple interest on the unpaid amount: the amount times the yearly rate, divided by 365, for each day it is late. Your governing documents say the rate and when it starts.
Many governing documents provide for both, but some states limit one or both or require written notice first. Check your documents and your state’s law before charging either.
This calculator charges interest on the past-due amount only. Some documents do it differently; follow yours.
Rebel HOA applies the board’s late fee and interest rules the same way to every home.