Debt-Free Date Calculator
Find out when you will be debt-free based on your balance, APR and monthly payments.
Last updated: April 2026 · Source: MoneyHelper — How to prioritise your debts
Disclaimer
This calculator is provided for informational purposes only and should not be considered as financial or tax advice. All calculations are performed locally in your browser — no personal data is collected or sent to our servers. Rates and thresholds are sourced from HMRC and GOV.UK and are updated for the current tax year. Always verify results with HMRC or consult a qualified professional before making financial decisions.
How It Works
The debt-free calculator projects when you will pay off all your debts based on your current balances, interest rates and monthly payments. It supports two common repayment strategies: the avalanche method (highest interest rate first) and the snowball method (smallest balance first).
With the avalanche method, you direct all spare cash to the debt with the highest interest rate while making minimum payments on the rest. Once that debt is cleared, you roll its payment into the next highest rate. This approach minimises total interest paid.
The snowball method targets the smallest balance first for quick psychological wins. While it costs slightly more in interest, research suggests people using the snowball method are more likely to stick with their repayment plan and become debt free sooner in practice.
Example: Three debts, £500/month total budget
- Credit card: £4,000 at 21% — minimum £100/month
- Personal loan: £6,000 at 8% — minimum £150/month
- Car finance: £3,000 at 5% — minimum £120/month
- Avalanche method: debt free in 30 months, total interest £1,820
- Snowball method: debt free in 31 months, total interest £1,950
Frequently Asked Questions
- What does the Debt-Free Date Calculator do?
- Find out when you will be debt-free based on your balance, APR and monthly payments. All calculations are performed in your browser using official UK rates and thresholds.
- Does this use current UK interest rates?
- You can enter any interest rate to model different scenarios. The Bank of England base rate and FCA guidelines influence typical lending rates available in the UK market.
- Should I get professional debt advice?
- If you are struggling with debt, free professional advice is available from StepChange (0800 138 1111), Citizens Advice, and the National Debtline (0808 808 4000). This calculator provides estimates only.