Use our free debt repayment calculator to estimate how long it could take to clear your debt, how much interest you may pay, and how extra monthly payments could reduce your repayment time.
Enter your current debt balance, APR and monthly payment to see your estimated debt-free date, total repayment and potential interest savings.
Plan Your Debt Repayment
Plan how long it could take to clear your debt.
Enter your balance, interest rate and monthly payment to estimate your repayment time, total interest and potential debt-free date.
Important: This calculator is for educational planning only and does not provide personalised debt advice. Actual interest and repayment figures can vary depending on your lender, fees, interest calculation method and changes to your payments.
If you are struggling with debt, have missed payments or are worried about priority bills, you can find free and confidential debt advice through MoneyHelper's Debt Advice Locator .
How the Debt Repayment Calculator Works
The WeFixPay Debt Repayment Calculator helps you estimate how long it could take to repay a debt based on your outstanding balance, interest rate and regular monthly payment. Enter your current balance, APR and planned monthly payment to see an estimated repayment period, total amount repaid and the interest you may pay over time. You can also test higher monthly payments to see how making extra payments could shorten the repayment period and reduce the amount of interest paid. The results are estimates and actual repayments may vary depending on how your lender calculates interest, fees, payment dates and any changes to your account.
What Information Do You Need?
To use the calculator, you will normally need three figures from your loan, credit card or other debt account:
- Outstanding balance – the amount you currently owe.
- APR or interest rate – the annual percentage rate charged on the debt.
- Monthly payment – the amount you plan to pay each month.
Using accurate figures will give you a more useful estimate. If your interest rate changes or you make additional payments, your actual repayment date may be different from the estimate shown.
Debt Repayment Calculator FAQs
Can making extra payments reduce the interest I pay?
Often, yes. If your lender allows overpayments without extra charges, paying more than the minimum can reduce the balance faster and may reduce the total interest paid. The calculator lets you test different monthly payment amounts to see the possible effect.
What does APR mean?
APR stands for Annual Percentage Rate. It is a way of showing the annual cost of borrowing and can include interest and certain charges. Using the APR shown by your lender will usually give a more useful estimate.
Why might my actual repayment date be different?
the calculator provides an estimate. Your actual repayment date can differ because of changes in interest rates, fees, payment dates, missed payments, additional borrowing or the way your lender calculates interest.
Is this debt advice?
No. The Debt Repayment Calculator provides general estimates to help you understand repayment scenarios. It does not provide personalised debt advice or recommend a specific course of action.
How to Use the Debt Repayment Calculator
Enter your current debt balance, the annual interest rate or APR, and the amount you normally pay each month. The debt repayment calculator will estimate how long it could take to clear the balance, how much interest you may pay and your estimated debt-free date.
You can also enter an extra monthly payment to see how paying a little more could change your repayment time. The calculator will compare the results and estimate how many months you could save and how much interest you could avoid.
For example, someone with a £5,000 balance at 19.9% APR who normally pays £250 per month can compare that repayment plan with paying £300 per month instead. This makes it easier to understand the potential effect of increasing monthly repayments before making changes to your budget.
The figures are estimates because lenders may calculate interest differently and fees, promotional rates or changing interest rates can affect the actual amount you repay.
Planning debt repayments around your monthly income? Use our UK Salary Calculator to estimate your take-home pay after Income Tax, National Insurance and pension deductions.
If you are struggling with repayments, have missed payments or are worried about priority bills, you can find free and confidential debt advice through MoneyHelper’s Debt Advice Locator.