EMI (Equated Monthly Instalment) is the fixed amount you pay your lender every month. It is worked out with the standard formula EMI = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments.
A longer tenure reduces your monthly EMI but increases the total interest you pay. A bigger down payment, a better credit score, or a balance transfer to a lower rate can all bring the EMI down. Use the sliders above to see exactly how each change affects your numbers.