Debt Repayment Calculator
Work out how long it will take to clear your debts and how much interest you will pay. Compare the avalanche and snowball methods side by side.
Your debts
On top of all the minimum payments.
Your results
Debt-free in
2 years 5 months
Total interest
£1,570
Total you will pay
£10,570
on £9,000 borrowed
Paying £100 extra each month saves about £1,438 in interest and gets you debt-free 1 year 4 months sooner than minimum payments only.
Order debts are cleared
- Credit card1 year 8 months
- Personal loan2 years 5 months
For comparison, the snowball method would take 2 years 5 months and cost £1,570 in interest.
An estimate only. It assumes fixed rates, no new borrowing and no missed payments. It is not financial advice.
How this calculator works
Enter each debt with its balance, its annual interest rate (APR) and the minimum monthly payment. Then add any extra amount you could pay on top each month. The calculator simulates month by month: interest is added to each balance, the minimum is paid on every debt, and everything left over is directed at one debt until it is cleared.
When a debt is cleared, the money that was going towards its minimum payment is not lost. It rolls into the next debt, which is why paying off debts in a sensible order can speed things up considerably.
Avalanche or snowball?
The avalanche method puts extra money towards the debt with the highest interest rate first. This normally costs the least in total interest. The snowball method puts extra money towards the smallest balance first. It may cost a little more in interest but clears whole debts sooner, which some people find more motivating. The calculator shows both so you can compare the time and cost.
Whichever you choose, the most important thing is to keep making at least the minimum payment on every debt and to keep going. If you are struggling to meet even the minimums, do not rely on a calculator: speak to a free debt adviser at StepChange, Citizens Advice or National Debtline.
What the results do not include
This is an estimate. It assumes fixed interest rates, no new borrowing, no missed payments and no fees or charges. Real credit card interest is calculated daily and minimum payments often fall as balances fall, so your own figures may differ. 0% promotional periods and balance transfers are not modelled.
Common questions
What interest rate should I enter?
Use the APR shown on your statement or online account for each debt. If you are not sure, a representative APR for the type of debt is better than leaving it at zero, which would understate the cost.
Why does the calculator say my debts will not be cleared?
If your monthly payments are lower than or roughly equal to the interest being added, the balance never falls. Increasing the monthly payment, or getting free advice about options such as a debt management plan, can help.
Is the avalanche method always cheaper?
In terms of interest, yes, as long as the rates are fixed and you stick to the plan. The snowball method can still be the better choice if clearing small debts quickly keeps you motivated.
Related guides
These calculators give estimates based on the figures you enter and the assumptions listed above. They are not financial advice. Your numbers are worked out in your browser and are not sent to us.
This page provides general information only. It is not personalised financial, legal or tax advice, and rules and figures can change. Your situation is unique — please check official sources such as GOV.UK and MoneyHelper, and speak to a qualified, FCA-authorised adviser before making important decisions about your money.