Free toolsDebt Payoff Calculator
Free tool
Debt Payoff Calculator
See when your debts clear and the interest you pay, highest rate first or smallest balance first.
Your figures
£
The minimums come to £353.00. Anything above that clears debt faster.
Debt-free by
December 2028
Paying £500 a month, highest rate first: 2 years and 3 months and £1,533.61 in interest on £11,600 of debt.
The working
Highest rate first: the order your debts clear
| Highest rate first | |
|---|---|
| Credit card: cleared January 2028, interest | £508.32 |
| Store card: cleared March 2028, interest | £129.17 |
| Car finance: cleared December 2028, interest | £896.12 |
| Total interest | £1,533.61 |
| Total paid | £13,133.61 |
The working
What the order is worth
| Interest against paying only the minimums | |
|---|---|
| Minimum payments only | £3,130.80 |
| Less highest rate first | −£1,533.61 |
| Interest saved | £1,597.19 |
| Highest rate first against smallest balance first | |
| Smallest balance first | £1,637.34 |
| Less highest rate first | −£1,533.61 |
| Extra interest from clearing the smallest first | £103.73 |
Highest rate first usually costs the least interest. Smallest balance first clears a debt sooner, which some people find keeps them going. Either beats paying only the minimums.
Assumptions
- Interest is added monthly at the monthly equivalent of each APR, and rates stay the same.
- Minimum payments stay fixed. Card minimums usually fall as the balance falls, which makes minimums only slower still.
- When a debt is cleared, its payment moves on to the next one, so the monthly total stays the same.
- No new spending on the cards, and no fees or promotional rates.
What this doesn't cover
- Balance transfers and consolidation loans, which have their own fees and terms.
- Debts in arrears. If you are struggling to pay, free debt advice is available from MoneyHelper.
What it does
Add each debt with its balance, APR and minimum payment, then what you can pay each month. It shows your debt-free date and the interest under each order of repayment, against paying only the minimums.
Against your own numbers
An estimate is useful. Running it against your real accounts is better, and takes about ten minutes.