Does this handle multiple debts?

No — this is for a single balance. For multiple debts, apply avalanche (highest rate first) or snowball (smallest balance first) and run each debt individually.

What if the rate changes?

Enter your current rate. If you're on a promotional 0% APR, model the promo period separately from what happens when the standard rate kicks in.

Does it include fees?

No — annual fees, late fees or balance-transfer fees aren't included. Add them separately to your monthly payment for a realistic view.

Is the Debt Payoff calculator free?

Yes — free to use, with no signup, no limits and no personal details required. The site is supported by advertising rather than subscriptions.

Is my data saved or sent anywhere?

No. Every calculation runs in your browser, so the numbers you type are never transmitted to us or stored on a server. Closing the tab discards them.

How accurate is the result?

The maths is exact for the inputs you give it. Accuracy in practice depends on those inputs matching your real situation — fees, rate changes and edge-case rules are the usual sources of difference. It is a planning tool, not financial advice.

Can I share or save my results?

Yes. Your inputs are stored in the page URL, so you can copy the link from the address bar (or use the share button) to bookmark a scenario or send it to someone else.

Debt Payoff Calculator

Enter your balance, interest rate and monthly payment to see when the debt clears.

Your details

Current balance

Annual interest rate (APR)

Monthly payment

Time to payoff

2 yr 9 mo

33 monthly payments

Total interest

£1,511

Total paid

£6,511

How this is calculated

Each month, interest is charged on the remaining balance at APR ÷ 12. Your payment first covers that interest; anything left reduces the principal. As the balance falls, more of each payment goes to principal — so the last payments clear the debt quickly.

If your monthly payment doesn't exceed the interest charged, the balance never decreases. Increasing the payment even slightly above that threshold can shave off years.

Who this calculator is for

This is aimed at anyone weighing up borrowing, saving or investing decisions before committing to them. It is most useful when you are comparing offers side by side, testing how sensitive a plan is to a change in rate or term, or sanity-checking a figure a lender or adviser has quoted you.

Assumptions and accuracy

Results assume the interest rate you enter stays fixed for the whole term and that payments are made on schedule. Real products may carry arrangement fees, early-repayment charges, variable rates, or different compounding intervals, all of which change the total. Use this to compare options, then confirm the exact figures with the provider.

Frequently asked questions

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