Debt Payoff Calculator
See how quickly you can become debt-free.
What This Calculator Does
This calculator shows how long it will take to pay off debt and how much interest you'll pay in total, using either the avalanche (highest interest first) or snowball (smallest balance first) method. It is designed for anyone with credit card debt, personal loans, or other borrowing who wants a clear repayment plan.
How the Calculation Works
It simulates monthly payments against your debts, applying interest and tracking the balance over time. You can compare strategies and see how extra payments shorten the repayment timeline.
Common Scenarios
A £10,000 credit card balance at 22% APR with £250/month payments would take about 5 years to clear, costing £5,300 in interest. Increasing payments to £350/month cuts this to 3 years and saves £2,400 in interest.
Related Calculators
You might also find these useful: Compound Interest, Mortgage, Emergency Fund. Or use our main salary calculator for a complete take-home pay breakdown.