Payoff Plan: $30,000 in 48 Months
Debt Balance
$30,000
Payoff Target
48 months
Required Monthly Payment by Interest Rate
0% (no interest)
$625/mo
6% APR
$705/mo
+$3,840 interest
12% APR
$790/mo
+$7,920 interest
18% APR
$881/mo
+$12,288 interest
24% APR
$978/mo
+$16,944 interest
29.99% APR
$1,080/mo
+$21,840 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.