Free calculator
Debt payoff calculator
See how long it could take to clear your debts and the interest you'd pay, from the balances, rates and payments you enter. It targets the highest-interest debt first (the avalanche method) and shows the interest saved by paying extra. An illustration on your figures, not debt advice.
A gentle what-if on clearing what you owe. It puts spare money toward your highest-rate debt first (the ) and shows the interest it could save versus paying minimums only — an illustration, your call.
This calculator, the result and the breakdown are free for everyone, no account needed.
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Create a free Blooom account to save this result and reuse the figures you enter across your calculators — so you type less and see the numbers that fit you.
Blooom+ adds the ongoing layer: it keeps an eye on this figure and tells you when it changes, and gives you the deeper AI analysis across your whole money picture. See what Blooom+ does
How it works
- 1Add each debt — a label, the balance, the interest rate (APR) and the minimum monthly payment.
- 2Enter any spare amount you could put toward debt each month, above the minimums.
- 3The calculator orders the debts highest-rate first and applies your spare payment to that one, then rolls it onto the next as each clears.
- 4It projects how many months to clear everything, the total interest paid, and how much interest the extra payments save versus paying only the minimums.
Worked example
A £4,000 credit card at 24% APR with a £100 minimum, plus £150 a month spare to put toward it. The calculator projects the months to clear the balance, the total interest paid, and the interest saved compared with paying only the minimum.
It's only as accurate as the balances, rates and payments you enter. If debt feels unmanageable, free and impartial help is available from MoneyHelper and StepChange. This is an illustration, not debt advice.
Frequently asked questions
How long will it take to pay off my debt?
It depends on the balances, interest rates and how much you pay each month. Enter your debts and any spare payment, and the calculator projects the months to clear them on those figures.
Should I pay off the highest-interest debt first?
Clearing the highest-rate debt first — the avalanche method — usually costs the least interest overall, which is the order this calculator models. Some people prefer clearing the smallest balance first for momentum; the maths favours the avalanche.
How much interest can overpaying save?
Paying more than the minimum clears the balance sooner, so less interest builds up. The calculator estimates the interest saved by your extra payment compared with paying only the minimums.
What if I can't cover more than the minimums?
If the payments barely cover the interest, the balance clears very slowly or not at all — the calculator flags this honestly rather than showing a misleading figure. Free, impartial debt help is available from MoneyHelper and StepChange.