Your Debts
Extra Payment Strategy
How much extra can you put towards debt each month (on top of minimums)?
Compare Both Methods
Avalanche Method
Snowball Method
How This Debt Payoff Calculator Works
This tool builds a month-by-month simulation to show you exactly when you'll be debt-free and how much interest you'll save along the way.
You can add all your debts, choose how much extra money you can put toward them, and compare the two most popular payoff strategies.
Avalanche Method
You pay off the debt with the highest interest rate first.
This saves the most money over time because you eliminate expensive interest early. Even if some debts have larger balances, targeting high-interest debt first reduces your total interest payments significantly.
Snowball Method
You pay off the smallest balance first.
This gives you quick wins and momentum, which helps you stay motivated longer. Once you pay off one debt completely, you roll that payment into the next smallest debt, creating a snowball effect.
Both Strategies Work
This tool helps you see which one will get you to the finish line faster based on your numbers. The Avalanche method typically saves more money, while the Snowball method provides psychological wins that keep you motivated.
Why Becoming Debt-Free is Faster Than You Think
Most people underestimate how quickly debt disappears once you stack payments.
When one debt is paid off, its old payment rolls into the next debt. This creates a snowball effect that speeds things up every single month. Even a small extra payment, like £50 or £100 a month, can cut years off your timeline.
What You Should Enter in the Calculator
Each debt should include:
- Balance – how much you still owe
- Interest rate – your APR (Annual Percentage Rate)
- Minimum payment – the lowest monthly payment due
If you're not sure, check your statement or app. Accuracy helps, but even rough estimates will give you a usable payoff date.