Payoff Plan: $15,000 in 60 Months
Debt Balance
$15,000
Payoff Target
60 months
Required Monthly Payment by Interest Rate
0% (no interest)
$250/mo
6% APR
$290/mo
+$2,400 interest
12% APR
$334/mo
+$5,040 interest
18% APR
$381/mo
+$7,860 interest
24% APR
$432/mo
+$10,920 interest
29.99% APR
$485/mo
+$14,100 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.