Payoff Plan: $5,000 in 36 Months
Debt Balance
$5,000
Payoff Target
36 months
Required Monthly Payment by Interest Rate
0% (no interest)
$139/mo
6% APR
$152/mo
+$472 interest
12% APR
$166/mo
+$976 interest
18% APR
$181/mo
+$1,516 interest
24% APR
$196/mo
+$2,056 interest
29.99% APR
$212/mo
+$2,632 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.