Payoff Plan: $30,000 in 60 Months
Debt Balance
$30,000
Payoff Target
60 months
Required Monthly Payment by Interest Rate
0% (no interest)
$500/mo
6% APR
$580/mo
+$4,800 interest
12% APR
$667/mo
+$10,020 interest
18% APR
$762/mo
+$15,720 interest
24% APR
$863/mo
+$21,780 interest
29.99% APR
$970/mo
+$28,200 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.