Debt Repayment Calculator

This tool helps users calculate how long it will take to pay off debt based on their payment plan—and how much they can save by making extra payments.

Purpose:

• Estimate your debt-free date based on regular and additional payments

• Compare timelines with and without extra payments

• Visualize how interest accumulates and how to minimize it

Inputs Required:

1. Total Debt Amount – Full balance of your outstanding debt

2. Annual Interest Rate – The interest applied to the balance (APR)

3. Monthly Payment – Your standard monthly payment amount

4. Additional Monthly Payment – Optional input to accelerate debt payoff

Outputs Displayed:

• Time to Debt Freedom – Months to become debt-free with and without extra payments

• Interest Paid – Total interest cost in both scenarios

• Debt Payoff Timeline Graph – Comparison of payoff trajectory and interest savings

• Expected Payoff Date – Based on current or adjusted payment strategy

✅ Bonus Insight: Shows how even small extra payments significantly reduce debt duration and total interest paid.

How to Use It:

1. Enter your debt amount, interest rate, and current monthly payment

2. Add any extra payment you're considering

3. Review the timeline and compare payoff scenarios

4. Adjust numbers to see how different contributions impact debt freedom

Who It’s For:

• Individuals with credit card, personal loan, or student loan debt

• Ideal for debt snowball or avalanche strategy users

• Great for financial coaching and debt management planning

Personal Finance Hack:

Use windfalls wisely. Apply tax refunds, bonuses, or side hustle income as lump-sum extra payments to reduce your debt faster and cut interest costs.

Take Action Today!

✅ Plug in your debt details and current payment strategy
✅ Experiment with extra payments—even £50/month makes a difference
✅ Track your payoff timeline and set reminders to stay on course

Being debt-free is possible—with a plan and consistency, you can accelerate your progress and save money!