Finance tool

Debt Payoff Calculator

Estimate how many months it could take to clear a balance with fixed monthly payments.

Fast outputSimple calculator, clear answer.

Mobile readyEasy to use on phone or desktop.

Related next stepsJump to nearby tools after.

Calculator

Use the debt payoff calculator

Estimate how many months it could take to clear a balance with fixed monthly payments.

Current balance (£)

Outstanding debt balance

APR (%)

Annual interest rate

Monthly payment (£)

Planned monthly payment

Enter your values to see the result.

How it works

Monthly interest = balance × (APR ÷ 12). Each month, payment first covers interest, then reduces principal.

What this helps with

Use this tool for a fast estimate before checking a full spreadsheet, payslip, quote or planning document.

Worked example

A £3,000 balance at 18% APR with £120 monthly payments takes about 32 months to clear.

Best use

Compare scenarios quickly by changing one or two inputs at a time.

What if my payment is too low?

If the payment does not beat monthly interest, the balance will not fall.

Is this exact for every lender?

No. It is a practical estimate based on fixed monthly payments.

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