Debt Payoff Calculator – Pay Off Multiple Debts
Estimate payoff time, compare repayment strategies, and visualise your debt-free journey.
Debt Inputs
Global Settings
Repayment Summary
APR: The yearly interest rate charged on your debt.
Interest Saved: Money saved by choosing a better repayment strategy.
Debt-Free Date: Estimated month when all your debts will be fully paid off.
Debt Snowball: Pays off the smallest debts first for faster motivation.
Debt Avalanche: Pays off the highest interest debts first to save more money.
Payoff Time: Estimated time needed to completely clear all debts.
Debt Balance Over Time
Debt Breakdown
Strategy Comparison
Amortization Table
| Month | Debt Name | Payment | Interest | Principal | Remaining Balance | Status |
|---|
Frequently Asked Questions
What is debt snowball?
The debt snowball method focuses on paying off the smallest balance first while maintaining minimum payments on all other debts.
What is debt avalanche?
The debt avalanche method prioritises debts with the highest APR first to reduce total interest costs.
How can I pay off debt faster?
Increasing your monthly payments and reducing high-interest debt first can significantly reduce repayment time.
Does paying extra reduce interest?
Yes. Extra monthly payments reduce the principal balance faster, lowering the amount of interest charged.
If you have more than one debt, the order you pay them off in changes how long it takes and how much interest you pay. Add each debt with its balance, APR and minimum payment, enter anything extra you can put towards them each month, and the calculator shows your debt-free date, the total interest and a month-by-month schedule. Switch between the snowball and avalanche methods to compare them.
Take the balance, APR and minimum payment from your latest statements. If a card has a 0% promotional rate that’s ending soon, use the rate it will go up to; otherwise the result will look better than it really is.
Snowball or avalanche?
Both methods pay the minimum on everything and put every spare pound on one target debt. When that’s cleared, its payment rolls on to the next. The difference is the order.
- Snowball: smallest balance first. You clear whole debts sooner, which keeps a lot of people going.
- Avalanche: highest APR first. It almost always costs less in interest.
To see how much it matters, we ran three debts through the calculator: a £1,500 car loan at 6.9% (£60 minimum), a £6,000 credit card at 24.9% (£150 minimum) and a £2,500 store card at 29.9% (£75 minimum). That’s £10,000 in total, with £150 a month on top of the £285 minimums.
| Approach | Order paid off | Debt-free in | Total interest |
|---|---|---|---|
| Minimum payments only | n/a | 58 months | £6,267.38 |
| Snowball | Car loan, store card, credit card | 31 months | £3,213.07 |
| Avalanche | Store card, credit card, car loan | 30 months | £2,874.42 |
Avalanche saved £338.65 and finished a month earlier. But look at the bigger number: whichever method you pick, the extra £150 a month saves over £3,000 compared with paying only the minimums. Paying more matters far more than which order you choose. If the snowball’s quick wins are what will keep you going, that’s a perfectly sensible choice.
Sometimes the two give exactly the same result. With the calculator’s default debts (a £5,000 credit card at 24%, a £12,000 loan at 9.5% and a £1,300 store card at 29.9%, with £100 extra), the store card is both the smallest balance and the highest APR, so both methods start there. Either way you’re clear in 48 months and pay £4,922 in interest, against 70 months and £8,398 on minimums alone.
One debt at a time
The calculator works with a single debt too. A £5,000 credit card at 24% APR with £200 a month takes about 34 months to clear and costs around £1,715 in interest; the first month’s interest alone is £90.44. A £12,000 loan at 9.5% repaid at £250 a month takes about 60 months, with roughly £2,980 of interest. If credit cards are your main worry, the Credit Card Repayment Calculator goes into more detail.
How the interest is worked out
Each month, the calculator adds interest to each balance, takes off your payment, and moves any money freed up from a cleared debt to the next one. It converts APR into a monthly rate using (1 + APR)1/12 − 1, so 24% APR becomes about 1.809% a month. Real lenders can calculate interest slightly differently, and fees or rate changes aren’t included, so expect your statements to differ by a little.
Keeping track
Click Export CSV to download the full schedule. It opens in Excel, Google Sheets or Numbers, so you can tick off each payment and see the balances fall. Re-run the calculator every few months with your latest balances, especially if an APR changes.
If you’re struggling
If you can’t keep up with the minimum payments, get free, confidential advice before borrowing more to cover them. MoneyHelper, StepChange and Citizens Advice can talk through options such as a debt management plan, and they don’t charge. The Budget Planner can help you find money for repayments.
Questions people ask
Is the debt snowball or avalanche method better?
Avalanche (highest APR first) usually saves the most interest. Snowball (smallest balance first) gives quicker wins. In our £10,000 example, avalanche saved £338.65 and finished one month sooner.
Does paying extra each month help?
Yes, and it makes more difference than the method you choose. In our example, an extra £150 a month saved over £3,000 in interest.
How do I work out my debt-free date?
Enter each debt’s balance, APR and minimum payment, plus any extra you can afford. The calculator shows the month and year your last debt is cleared.
Can I download my repayment plan?
Yes. Click Export CSV to get the month-by-month schedule as a spreadsheet.
Related: Credit Card Repayment Calculator · Personal Loan Calculator · Budget Planner