New York Late Fee Calculator
Calculate late fees and interest on overdue invoices in New York — pre-set to the state's 9% statutory default rate.
Late fee rules in New York
Statutory interest rate
9% per annum — the statutory prejudgment and judgment rate for non-consumer claims.
N.Y. CPLR 5004 (rate); CPLR 5001 (prejudgment interest on contract claims)
Can you charge more? (contract & caps)
No statutory cap on B2B invoice late fees — the contract controls subject to reasonableness. Trade-debt late charges sit outside the 16% civil usury cap (which corporations cannot invoke), though effective rates above 25% per annum risk the criminal usury ceiling that even corporate debtors may raise.
Prompt payment rules
New York's private construction Prompt Payment Act (Gen. Bus. Law art. 35-E) requires interest of 1% per month — or a higher contract rate — on late progress and final payments.
Worth knowing
Prejudgment interest on a contract award is mandatory, not discretionary. The 2022 amendment that cut the rate to 2% applies only to consumer-debt judgments against natural persons — B2B claims still accrue the full 9%.
This page is general information, not legal advice. Statutory rates change — some reset annually or quarterly — and how they apply depends on your contract and situation. Verify current rates against the cited statutes or consult a lawyer before charging interest.
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