Payoff Plan: $20,000 in 48 Months
Debt Balance
$20,000
Payoff Target
48 months
Required Monthly Payment by Interest Rate
0% (no interest)
$417/mo
6% APR
$470/mo
+$2,560 interest
12% APR
$527/mo
+$5,296 interest
18% APR
$587/mo
+$8,176 interest
24% APR
$652/mo
+$11,296 interest
29.99% APR
$720/mo
+$14,560 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.