Use this debt payoff calculator to estimate how long it could take to clear your debt and how
much interest you may pay based on your balance, interest rate, and monthly repayment.
See how paying a little extra each month could reduce your interest and help you become
debt-free sooner.
Debt payoff estimate
2 years 9 months
Based on paying £200 per month towards £5,000 at 19.9% APR
Fixed-rate projection
Total interest
£1,511
Total repaid
£6,511
Monthly payment
£200
Final payment
£111
Debt balance over time
Monthly payoff breakdown
Month
Opening balance
Payment
Interest
Principal
Closing balance
What this means for you
With a balance of £5,000 at
19.9% APR and a monthly payment of
£200, you could clear the debt in
around 2 years 9 months. You would repay
about £6,511 in total, including
£1,511 in interest.
Assumptions
Estimates assume a fixed interest rate, fixed monthly payments, and no additional fees,
charges, missed payments, or new borrowing. This calculator is for planning only and is not
debt advice.
How debt payoff works
This debt payoff calculator uses monthly amortisation. Each month, interest is added to your
remaining balance, then your payment is applied. Part of your payment covers interest and the
rest reduces the debt principal.
As your balance gets smaller, monthly interest also gets smaller. That means more of each
payment starts going towards the debt itself over time.
How interest affects debt repayment
Interest rate has a big impact on payoff time and total cost. Higher APR means more of each
payment goes to interest, especially in the early months.
If your monthly payment is too low to cover interest, the debt may not reduce at all. In that
case, increasing payment is usually necessary to move the balance down.
Why paying more than the minimum matters
Paying extra each month often has two benefits: you clear debt faster and you pay less total
interest. Even small extra payments can make a meaningful difference over the full payoff
period.
Use the optional extra payment field to compare scenarios and see how many months and how much
interest you could save.
Fixed payments vs minimum payments
This calculator assumes fixed monthly payments, not card-provider minimum payment rules. Many
real-world minimum payments change as balance changes, which can lengthen payoff and increase
total interest.
A fixed payment plan is often clearer for budgeting and can help you make steadier progress
towards becoming debt-free.
When to get free debt help
If your payments are hard to maintain, balances are growing, or you are missing repayments,
consider free debt guidance from organisations such as StepChange, National Debtline, or your
local Citizens Advice service.
Getting support early can help you protect essentials, prioritise bills, and build a realistic
repayment plan.
Frequently Asked Questions
It depends on your balance, APR, and monthly repayment. This calculator projects your debt
month by month and estimates how long it could take to clear.
The tool shows total estimated interest over the payoff period, based on the inputs you
enter and a fixed annual rate.
If your payment is only just above monthly interest, payoff can take a very long time. If
your payment does not cover monthly interest, the balance may not reduce.
Usually yes. Paying extra each month lowers the balance faster, which reduces how much
interest is charged over time.
No. It is a planning tool only and not personal financial advice.
More UK Financial Calculators
Comparing new borrowing? Try our Loan Calculator. Want to see how debt payments affect your
budget? Try our Salary Calculator. You can also compare interest-only growth and savings plans
with our Interest Calculator and Savings Goal Calculator.