Payoff Plan: $30,000 in 24 Months
Debt Balance
$30,000
Payoff Target
24 months
Required Monthly Payment by Interest Rate
0% (no interest)
$1,250/mo
6% APR
$1,330/mo
+$1,920 interest
12% APR
$1,412/mo
+$3,888 interest
18% APR
$1,498/mo
+$5,952 interest
24% APR
$1,586/mo
+$8,064 interest
29.99% APR
$1,677/mo
+$10,248 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.