Debt Paydown Calculator

Calculate Your Debt Repayment

Add your debts and see how they will be paid down over time. Compare different repayment strategies and see the impact of different interest rates.

Debt 1

Name

Give your debt a descriptive name to help track it. Examples: "Credit Card", "Car Loan", "Student Loan"

Debt Amount

Enter the total amount you owe on this debt. Include any fees or charges that are part of the principal amount.

Length (Years)

The total length of the loan in years. For credit cards, use the time you expect to take to pay it off.

Interest Rate (%)

The annual interest rate (APR) for this debt. This is crucial for calculating total interest paid and determining payoff strategy.

Fees

Any one-time fees associated with this debt (e.g., balance transfer fees, loan origination fees).

Add Fees to Loan

Choose whether to include fees in the loan amount. This affects the total amount borrowed and interest calculations.

Strategy:

Repayment Strategies:

Avalanche: Pay highest interest debts first to save the most money.

Snowball: Pay smallest debts first for psychological wins and motivation.

Debt Summary

Overall Progress

Monthly Overview

Total Monthly Payment£0.00

Total Interest£0.00

Timeline

Estimated Debt-Free Date

Invalid Date

Total Debt

£0.00

Payment Allocation

Strategy Comparison

Avalanche Method

Pay off debts with the highest interest rates first. This method saves you the most money in interest.

Snowball Method

Pay off debts with the smallest balances first. This method provides more psychological wins and motivation.

Debt Paydown Timeline

Debt Management Tips

Getting Started

• List all your debts with their balances and interest rates
• Create a realistic monthly budget
• Consider debt consolidation for better rates
• Build an emergency fund to avoid new debt

Staying on Track

• Set up automatic payments
• Track your progress regularly
• Celebrate small wins
• Avoid taking on new debt

Saving Money

• Look for lower interest rates
• Make extra payments when possible
• Consider balance transfer offers
• Negotiate with creditors

Getting Help

• Consider debt counseling
• Look into debt management plans
• Research debt relief options
• Seek financial advice

How It Works

The calculator helps you understand your debt situation and plan your repayment strategy:

Add each of your debts with their details (amount, interest rate, term)
Choose a repayment strategy (Avalanche or Snowball)
View your total monthly payments and interest costs
See how long it will take to become debt-free
Compare different strategies to find what works best for you

Note: This calculator provides estimates based on your inputs. Actual results may vary based on your specific situation and lender terms.