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Pay off £15,000 of debt in 36 months

At 23.9% APR, clearing £15,000 in 36 months takes a fixed payment of about £588 a month.

£15,000 in 36 months at 23.9% APR

Monthly payment needed

£587.71

Total repaid£21,158
Of which interest£6,158

Other timescales

Clear it inMonthly payment
12 months£1,417.67
24 months£792.32
36 months£587.71
48 months£488.20
60 months£430.65

Build a full plan

Your debts

Balance
£
APR
%
Min / month
£
Balance
£
APR
%
Min / month
£
Balance
£
APR
%
Min / month
£
£

On top of all the minimums. This is your snowball.

Payoff order

Clear the smallest balance first, then roll its payment onto the next. Fastest for quick wins and motivation.

Debt payoff plan

Debt Free In

2 years

Total Debt Now£10,100
Interest You'll Pay−£1,455
Total You'll Repay£11,555
Interest Saved Vs Minimums Only£7,597
Time Saved Vs Minimums Only13 years, 4 months

Payoff order

  1. 1Overdraftcleared month 6
  2. 2Credit cardcleared month 14
  3. 3Car loancleared month 24

The plan keeps your total monthly payment fixed - every minimum plus your extra - and puts all the spare money on one debt at a time. As each debt clears, its payment rolls onto the next, so the amount going at the target grows. Interest rates and minimums are assumed to stay the same throughout.

Snowball builds momentum; avalanche saves the most interest. Try both with your numbers.

Assumptions on this page

This figure assumes a single debt at 23.9% APR - a typical UK credit-card rate - with no further spending on it and a level monthly payment. A lower rate, a 0% balance transfer, or clearing several smaller debts first with the full calculator can all change the number.

Plan several debts at once

Debt Snowball Calculator