The Debt Payoff Calculator
List what you owe, say what you can pay each month, and see when it is gone. The two usual orders are both run, so the difference between them is a number rather than an opinion.
What you owe
2 · What you can pay
Everything is worked out in your browser. No figure is sent anywhere.
Paying off debt
How to plan paying off several debts
- Add each debt with its balance, its interest rate and its minimum payment.
- Say how much extra you can put in each month.
- Pick an order and read when you are debt free, and what the other order would have cost.
Frequently asked questions
What is the difference between the snowball and the avalanche?
The avalanche puts every spare pound at the highest interest rate, which costs the least in total. The snowball puts it at the smallest balance, which clears a whole debt sooner and gives you one less payment to think about. The avalanche is cheaper; the snowball is easier to keep going with.
Why does it say the debts never clear?
Because the minimum payments do not cover the interest at those rates. That is a real situation and not a rounding problem. Adding to the extra payment fixes the arithmetic; if that is not possible, this is the point to talk to a free debt advice service.
Does it handle credit card minimum payments that shrink?
No. It treats each minimum as a fixed amount every month, which is the assumption most payoff plans use. A real card minimum falls as the balance falls, which would make the plan slower, so treat the result as the optimistic case.
Is my list of debts sent anywhere?
No. It is kept in this browser's local storage so it is still there when you come back, and it never leaves the device.
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