Payoff Plan: $15,000 in 24 Months
Debt Balance
$15,000
Payoff Target
24 months
Required Monthly Payment by Interest Rate
0% (no interest)
$625/mo
6% APR
$665/mo
+$960 interest
12% APR
$706/mo
+$1,944 interest
18% APR
$749/mo
+$2,976 interest
24% APR
$793/mo
+$4,032 interest
29.99% APR
$839/mo
+$5,136 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.