See how long it takes to clear your debt and how much interest you will pay.
This calculator provides estimates for guidance only. It does not constitute financial advice. Actual repayment terms depend on your lender. Always consult your lender or a qualified debt adviser.
Debt can feel overwhelming, but understanding exactly when you will be debt-free transforms anxiety into a concrete plan. The Debt Payoff Calculator shows you how many months it will take to clear your debt at your current payment level, how much total interest you will pay, and crucially, how much faster you could be debt-free by making extra payments. In the UK, common forms of consumer debt include credit cards (typical APR 18-30%), personal loans (6-15%), overdrafts, and car finance. Credit card debt is particularly expensive because interest compounds monthly on the outstanding balance. Even small increases in your monthly payment can dramatically reduce both the time to pay off and the total interest cost. For example, increasing a GBP 300 monthly payment by GBP 100 on a GBP 10,000 credit card debt at 18% APR can save you thousands in interest and cut years off your repayment period. This calculator uses month-by-month amortisation to give you an accurate projection. Unlike simple interest calculators, it correctly models how each payment splits between interest and principal, and how the interest portion decreases each month as your balance falls. The chart shows your declining balance over time, giving you a clear visual of your path to becoming debt-free.
To calculate your debt repayment schedule: 1. Enter your total debt. This is the current outstanding balance on your credit card, loan, or other debt. If you have multiple debts, you can calculate each separately or combine them if they share the same interest rate. 2. Enter the annual interest rate. For credit cards, this is your APR (shown on your statement). For personal loans, use the interest rate in your loan agreement. Most UK credit cards charge 18-30% APR. 3. Enter your monthly payment. This is the fixed amount you plan to pay each month. It must be more than the monthly interest charge, or your debt will never be paid off. The calculator will warn you if your payment is insufficient. 4. Enter any extra monthly payment. If you can afford to pay more than the minimum, enter the additional amount here. The calculator shows how this extra payment reduces your payoff time and total interest. 5. View the results. You will see the number of months to clear the debt, total interest paid, and total amount paid. The line chart shows your balance declining each month. 6. Compare scenarios. Try increasing your monthly payment by GBP 50 or GBP 100 to see the impact. Even modest extra payments make a significant difference on high-interest debt.
The calculator uses month-by-month amortisation. Each month, the process is: 1. Calculate monthly interest: Balance x (Annual Rate / 12 / 100) 2. Add interest to balance 3. Subtract your monthly payment (including any extra payment) 4. Repeat until balance reaches zero For example, with GBP 10,000 debt at 18% APR and GBP 300 monthly payment: Month 1 interest = GBP 10,000 x 1.5% = GBP 150. Your GBP 300 payment covers GBP 150 interest and GBP 150 principal, leaving a balance of GBP 9,850. In month 2, interest is GBP 9,850 x 1.5% = GBP 147.75, so more of your payment goes toward principal. This is why paying off debt accelerates over time -- as the balance shrinks, less of each payment goes to interest and more goes to principal reduction. The effect is even more pronounced with extra payments. If the monthly payment does not cover the first month's interest, the debt can never be repaid. The calculator detects this and returns -1 to indicate an impossible repayment scenario. In this case, you need to increase your monthly payment above the interest charge.
If you are struggling with debt in the UK, free help is available from StepChange Debt Charity, National Debtline, and Citizens Advice. These organisations can help you negotiate with creditors and may arrange a Debt Management Plan (DMP) or Individual Voluntary Arrangement (IVA). For multiple debts, two popular repayment strategies are the avalanche method (pay off highest interest rate first) and the snowball method (pay off smallest balance first for psychological wins). Mathematically, the avalanche method saves more money, but the snowball method can help maintain motivation. Consider balance transfer credit cards that offer 0% interest for an introductory period (typically 12-29 months). Transferring high-interest debt to a 0% card effectively pauses interest charges, letting your entire payment go toward the principal. However, you will typically pay a transfer fee of 2-3% and must clear the balance before the 0% period ends. The Financial Conduct Authority (FCA) requires lenders to provide clear information about the cost of borrowing. Your credit card statement must show how long it would take to clear the balance at minimum payments and at a higher fixed payment.