Payoff Plan: $15,000 in 36 Months
Debt Balance
$15,000
Payoff Target
36 months
Required Monthly Payment by Interest Rate
0% (no interest)
$417/mo
6% APR
$456/mo
+$1,416 interest
12% APR
$498/mo
+$2,928 interest
18% APR
$542/mo
+$4,512 interest
24% APR
$588/mo
+$6,168 interest
29.99% APR
$637/mo
+$7,932 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.