Debt Payoff Calculator
See how long your credit card or loan really takes to clear — and how much the interest costs you. The minimum payment is designed to keep you paying for years. Numbers only, nothing saved.
Total you'll pay: £3,437.44
Pay a bit more, save a lot
- +£25/mosave £664.74 · 2 years 1 month sooner
- +£50/mosave £900.52 · 2 years 10 months sooner
- +£100/mosave £1,097.85 · 3 years 7 months sooner
Estimates based on a constant interest rate. The minimum-payment figure uses the common “1% of balance + interest” method — your card's exact minimum may differ. Always check your statement.
How the debt payoff calculator works
This free calculator shows how long it really takes to clear a credit card or loan, and how much of what you pay disappears into interest. Enter your balance, your interest rate (APR) and either a fixed monthly payment or the minimum, and it simulates the balance month by month until it hits zero.
The “minimum payment trap” is the key thing it reveals. A typical UK credit card minimum is around 1% of the balance plus that month's interest. Because that amount shrinks as your balance falls, paying only the minimum can stretch a debt out for decades and cost more in interest than the original balance. Paying a fixed amount — even the same figure as your first minimum payment — clears it far faster.
Everything is calculated in your browser. Nothing you type is sent anywhere or saved. The figures are estimates based on a constant interest rate; your card's exact minimum and any fees may differ, so always check your statement.
Frequently asked questions
Why does paying only the minimum take so long?⌄
The minimum payment is usually a percentage of your balance plus interest, so it gets smaller every month as the balance drops. The smaller the payment, the more of it is eaten by interest, which is why a balance can take 20+ years to clear on minimums alone.
How much could I save by paying more?⌄
Often hundreds or thousands of pounds. Paying a fixed amount instead of the shrinking minimum, or adding even £25–£50 a month, cuts both the time and the total interest dramatically. The calculator shows the exact saving for your numbers.
Will paying off my credit card faster hurt my credit score?⌄
No. Reducing your balance lowers your credit utilisation, which generally helps your score. Clearing debt faster is good for your credit profile, not bad for it.
Should I pay off debt or save first?⌄
As a rule of thumb, clearing high-interest debt (like most credit cards) usually beats saving, because the interest you avoid is higher than the interest you'd earn. Keep a small emergency buffer, then focus on the most expensive debt. This is general information, not financial advice.
Does this tool store my financial details?⌄
No. The calculation runs entirely on your device and nothing is uploaded or saved.