Payoff Plan: $10,000 in 60 Months
Debt Balance
$10,000
Payoff Target
60 months
Required Monthly Payment by Interest Rate
0% (no interest)
$167/mo
6% APR
$193/mo
+$1,580 interest
12% APR
$222/mo
+$3,320 interest
18% APR
$254/mo
+$5,240 interest
24% APR
$288/mo
+$7,280 interest
29.99% APR
$323/mo
+$9,380 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.