Payoff Plan: $10,000 in 24 Months
Debt Balance
$10,000
Payoff Target
24 months
Required Monthly Payment by Interest Rate
0% (no interest)
$417/mo
6% APR
$443/mo
+$632 interest
12% APR
$471/mo
+$1,304 interest
18% APR
$499/mo
+$1,976 interest
24% APR
$529/mo
+$2,696 interest
29.99% APR
$559/mo
+$3,416 interest
Debt Payoff Strategies
Avalanche method: pay minimums on all debts, throw extra money at the highest-rate debt first. Mathematically optimal — saves the most interest. Snowball method: pay off smallest balances first for psychological wins. Research shows snowball leads to better follow-through for most people despite costing slightly more in interest.