Debt Repayment Calculator UK
Calculate how long it will take to repay a debt at your current monthly payment, and see the total interest you'll pay over the repayment period.
Calculator
What this means
Debt repayment time depends on your balance, interest rate and monthly payment. Paying more each month reduces both the repayment period and total interest, sometimes significantly.
How to use this calculator
- Enter your debt balance and its interest rate (APR).
- Enter how much you can pay each month.
- See how long it will take to clear and the total interest you'll pay.
Worked example
You owe £3,000 at 20% APR and pay £150 a month.
- Interest is charged on the shrinking balance each month.
- Paying more each month clears the debt faster and cuts total interest.
You'll see the payoff time in months and the total interest cost at your chosen payment.
Who this is for
- Anyone paying off a credit card, loan or overdraft.
- People deciding how much extra to pay each month.
- Anyone wanting to see the true cost of a debt over time.
Why the monthly payment matters so much
On most debts, interest is charged on the outstanding balance, so a larger monthly payment clears the balance faster and dramatically reduces the total interest you pay.
Paying only the minimum can keep you in debt for years. Even small increases in your monthly payment can save hundreds of pounds and shave months off the term.
Frequently asked questions
If your monthly payment is less than the monthly interest charge, the debt will grow rather than shrink. You need to pay above the interest amount to make progress.
Generally yes. The avalanche method prioritises debts with the highest interest rates, saving you the most money over time.
Yes. Enter your current balance, annual interest rate (APR) and planned monthly payment for any fixed or revolving debt.
Generally, clearing high-interest debt (like credit cards) beats saving, because the interest charged usually exceeds the interest you'd earn. Keep a small emergency buffer, then focus on the most expensive debt.
Free, confidential help is available from StepChange, National Debtline and Citizens Advice. They can help you build a realistic repayment plan if you're struggling.
Disclaimer
This calculator provides estimates for guidance only. It is not financial, legal or tax advice. Always check official sources or speak to a qualified professional before making decisions.
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