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.

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.