The FORIS base interest rate calculator helps you to precisely calculate interest based on the statutory default interest rate. With just a few entries, you can quickly obtain a reliable overview of the interest amounts due – ideal for the effective calculation of claims.
Calculate base interest rates – updated daily and quickly. Determine the interest rates on your claims using our base interest rate calculator. You can choose between consumer or commercial transactions as the basis for the calculation type.
The FORIS base interest rate calculator facilitates the precise calculation of interest claims. It not only enables the determination of default interest on the basis of a constant interest rate, but also allows the specification of an alternative, dynamic or static interest rate.
What is the interest rate for late payment?
The default interest is composed of the current base interest rate and a surcharge. The base interest rate is generally set semi-annually by the German Federal Bank (Deutsche Bundesbank) on January 1 and July 1. The amount of the surcharge depends on whether the debtor is a consumer or a non-consumer. The current base interest rate can be viewed at the website of Deutsche Bundesbank.
Default interest rate for consumer transactions
For legal transactions with consumers, the default interest rate amounts to 5 percentage points above the base interest rate.
Default interest rate for commercial transactions
This includes all transactions that non-consumer such as entrepreneurs or merchants conclude among themselves for their business operations. The decisive factor for the amount of the default interest is when the commercial transaction was concluded.
Continuing obligations
Continuing obligations are, for example, contracts with recurring individual services extending over a longer period of time (e.g. service contracts, rental agreements, service contracts, etc.).
Here, too, the relevant date is when the commercial transaction was concluded. For contracts concluded by 28/07/2014, the legislator has provided a transitional period of two years with regard to the time of performance.
How the default interest calculated?
The following formula can be used for manual calculation of default interest:
Invoice amount in € x (base interest rate + X percentage points) x (days in arrears / 365*) = default interest
*In the case of leap years, the calculation basis is 366 days, while 360 days are used for commercial calculations.
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