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Use your bank's figures
The prefilled values are examples. Enter a positive number for how much you are overdrawn: a bank balance of −£1,000 means enter 1000. EAR is the effective annual rate shown by your bank; do not substitute a monthly rate.
Monthly repayment means the amount you plan to pay towards the overdraft. New monthly borrowing means money you expect to borrow again. They are separate: the model adds interest and new borrowing before subtracting the repayment.
An interest-free buffer is the part of the overdraft your bank does not charge interest on. It is not your cash savings. Days in the first period means the number of days to model before the first payment.
Enter your figures or read the worked example. If essentials or required payments are unaffordable, start with free help.
Assumes EAR converted to effective daily rate, a constant buffer, repayments/new borrowing at period end and subsequent 30-day periods. Excludes bank-specific fees, caps, changes in rate and actual daily transactions. Overdraft help.
Worked example: £100 paid in, £22.02 less debt
Use £1,000 balance, 39.9% EAR, £0 buffer, 30 days, £100 repayment and £50 new monthly borrowing. The first-period interest is about £27.98 and the ending overdrawn balance is £977.98.
Calculation: £1,000 + £27.98 + £50 − £100 = £977.98. The model applies borrowing and repayment at period end. Later periods each contain 30 days; they are not exact calendar months or promised payoff dates.
If a result says the debt is not repaid within 360 periods, it has not produced a payoff date. Review the assumptions and affordability, rather than treating the limit as a forecast.
Check an affordable payment in Monthly Budget. For a practical repayment plan, read how to pay off an overdraft.
Need a step-by-step approach rather than a cost illustration? Read how to get out of an overdraft, including budgeting, bank support and the risk of borrowing again after payday.