Payoff Plan: $50,000 in 24 Months
Debt Balance
$50,000
Payoff Target
24 months
Required Monthly Payment by Interest Rate
0% (no interest)
$2,083/mo
6% APR
$2,216/mo
+$3,184 interest
12% APR
$2,354/mo
+$6,496 interest
18% APR
$2,496/mo
+$9,904 interest
24% APR
$2,644/mo
+$13,456 interest
29.99% APR
$2,795/mo
+$17,080 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.