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EMI calculations are helpful for fixed-rate installment loans. Compare both the monthly payment and total interest so a longer term does not hide a higher total cost.
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EMI (Equated Monthly Installment) is the fixed amount you pay each month until a loan is fully repaid. Every payment covers the interest due that month plus a slice of the principal, so the interest portion shrinks and the principal portion grows as the balance falls.
EMI = P × r × (1 + r)ⁿ ÷ [(1 + r)ⁿ − 1]
P is the loan principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly payments (years × 12). The same formula powers mortgages, car loans, and personal loans — only the inputs change.
The headline EMI tells you the monthly cash-flow commitment; the total-interest figure tells you the true cost of borrowing. A lower EMI almost always means a longer term and more total interest, so compare both numbers before choosing.
