Late Fees

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Late Fee

An extra charge assessed on a person or organization if a payment is made after a stated date. For example, if the electric bill is due on the 12th and one pays it on the 15th, a late fee may be added. A late fee may be a flat amount or a percentage of what is owed.

Late Fees

Fees assessed by lenders when payments are late.

Late fees are usually 4% or 5% of the payment. A borrower with a 6% mortgage for 30 years who pays a 5% late charge every month raises his or her interest cost over the life of the loan to 6.46%.

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