Debt calculator: Combine your loans and see the path to being debt-free
Several loans can make it hard to see when the debt will actually be gone. Here you can enter the balance, interest rate, fees and minimum payment for each loan and combine the repayment into one plan.
Worked example
- Total payment per month: 170.00 GBP
- Loan 1: Remaining debt 560.00 GBP · Interest rate 5 % per year · Minimum payment 11.00 GBP
- Loan 2: Remaining debt 2,300.00 GBP · Interest rate 20 % per year · Minimum payment 45.00 GBP
Debt-free in
20 months
- Highest interest first: 20 months, interest and fees 391 GBP
- Smallest balance first: 20 months, interest and fees 498 GBP
Freed-up payments are reused. The agreements' terms for extra repayments are not included.
What happens with an extra payment?
Choose the total amount you can pay each month. The calculator shows how the amount is distributed and what happens when a loan is paid off. A freed-up payment can be carried over to the next loan, so the total budget is kept.
You can compare prioritizing the highest interest rate with starting with the smallest balance. Loan terms can change the calculation. Fees and restrictions on extra payments must be included if they apply to your loans.
Guide to your repayment plan
Find the current balance information
Use the remaining debt and terms from the lender's statement. The original loan amount does not tell you what you owe today. Also check whether the interest rate is fixed or can change.
Example with two interest-free loans
If you owe 10,000 on each of two loans, the total debt is 20,000. Without interest and fees, 2,000 a month can pay off the amount in ten months, if the agreements allow the payment.
If the budget does not cover the minimum payments, the result must show it clearly. A plan must also not look achievable if the balance grows month by month. Use the budget calculator to look at how much you can realistically set aside before choosing an extra payment.