Payoff Plan: $5,000 in 60 Months
Debt Balance
$5,000
Payoff Target
60 months
Required Monthly Payment by Interest Rate
0% (no interest)
$83/mo
6% APR
$97/mo
+$820 interest
12% APR
$111/mo
+$1,660 interest
18% APR
$127/mo
+$2,620 interest
24% APR
$144/mo
+$3,640 interest
29.99% APR
$162/mo
+$4,720 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.