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Debt payoff calculator
Enter each debt and what you can pay a month. See when you are debt-free, what the interest costs, and what highest-rate-first saves you.
BalanceAPR %Min / mo
£
£
Debt-free in
1y 5m
£4,200 of debt, paying £300 a month, highest interest rate first
- Total interest you will pay£805
Payoff order
- 1. Debt 2month 6
- 2. Debt 1month 17
Once this is gone, that £300 a month becomes saving. See what it builds.
Common questions
- What is the avalanche method?
- You pay the minimum on every debt, then put everything spare at the debt with the highest interest rate. Mathematically it always costs the least in interest, which is why this calculator uses it as the headline plan.
- What is the snowball method, and is it worse?
- Snowball targets the smallest balance first for the motivation of quick wins. It usually costs somewhat more in interest, and the calculator shows you exactly how much, so you can decide whether the psychological boost is worth the price. The best method is the one you stick with.
- Should I pay off debt or save first?
- Expensive debt (credit cards, overdrafts, anything near 20% or more) almost always charges more than savings earn, so paying it down first wins, after setting aside a small one-month buffer so a surprise bill does not go straight back on the card.
- What about a 0% balance transfer?
- Moving expensive card debt to a 0% balance transfer card can stop the interest entirely while you repay, which often shortens the plan by months. Watch the transfer fee (typically 3 to 4%) and clear the balance before the 0% window ends.
- What if I cannot cover the minimum payments?
- Speak to a free, non-profit debt charity: StepChange, National Debtline, or Citizens Advice. They can negotiate with lenders and set up affordable plans. Avoid paid debt-management companies; the free services do the same thing without the fees.
Debt is one piece of the picture. The Money Health Check ranks it against everything else you could fix.