Payoff Plan: $20,000 in 36 Months
Debt Balance
$20,000
Payoff Target
36 months
Required Monthly Payment by Interest Rate
0% (no interest)
$556/mo
6% APR
$608/mo
+$1,888 interest
12% APR
$664/mo
+$3,904 interest
18% APR
$723/mo
+$6,028 interest
24% APR
$785/mo
+$8,260 interest
29.99% APR
$849/mo
+$10,564 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.