EMI Calculator: Monthly Installment Calculator
Work out your monthly installment, the total interest (markup) and a full amortization schedule for a phone plan or a loan. Enter the interest rate per month, per year or for the whole plan, flat or reducing balance, in any currency.
Last updated 31 October 2026 · Written by MobiCircuit Editorial Team · Reviewed by Malik Ahsan
Any number from 1 to 360 months. Drag the slider or type a number.
Amortization schedule: month-by-month EMI table
| Month | Installment | Principal | Interest | Balance left |
|---|
Compare plan lengths
This table shows what the same amount and the same rate would cost over different numbers of months. A longer plan lowers the monthly installment but raises the total you pay.
| Months | Monthly installment | Total interest | Total payable (financed part) |
|---|
How to use this EMI calculator
- Pick your currency and enter the phone price or loan amount.
- Add the down payment you will pay today. Use the quick buttons for 10%, 20% or 30%, or leave it empty.
- Choose the number of months of the plan.
- Choose how the rate is quoted: for the whole plan, per year or per month. If it is per year or per month, also choose flat or reducing balance. Not sure? Ask the seller or bank, or compare both.
- Type the percentage. Read the monthly installment, the total markup and the month-by-month EMI table.
What is EMI?
EMI means equated monthly installment. It is one fixed payment you make every month, on the same date, until you have paid back the amount you financed and the markup on it. Every EMI has two parts: a part that pays back the money you borrowed (the principal) and a part that is the cost of borrowing (the markup, also called interest or profit). Phone shops, banks, card issuers and buy-now-pay-later services all use the same idea, but they quote the rate in different ways. That is why this calculator lets you choose the way the rate is quoted.
How EMI is calculated
Whole-plan markup. The markup is one percentage of the financed amount for the whole plan, then divided equally across the months. EMI = (financed amount + financed amount × plan % ÷ 100) ÷ months.
Flat rate. The rate is charged on the full financed amount for every year of the plan. markup = financed amount × yearly % ÷ 100 × months ÷ 12, and EMI = (financed amount + markup) ÷ months.
Reducing balance. The rate is charged only on what you still owe, so the markup part of each payment shrinks every month. EMI = P × i × (1 + i)n ÷ ((1 + i)n − 1), where P is the financed amount, i is the monthly rate (yearly % ÷ 12 ÷ 100) and n is the number of months.
Monthly rate or yearly rate?
Some sellers quote a rate per month, others per year. Many people mix the two up. To change a monthly rate into a yearly rate, multiply by 12. To change a yearly rate into a monthly rate, divide by 12.
| Rate per month | Rate per year |
|---|---|
| 0.5% | 6% |
| 0.75% | 9% |
| 1% | 12% |
| 1.25% | 15% |
| 1.5% | 18% |
| 2% | 24% |
| 2.5% | 30% |
A monthly rate looks small, but it is not cheaper. 1% per month is the same as 12% per year. If you choose “Per month” in the calculator, it shows the yearly equivalent for you.
How to calculate the monthly interest rate
To get the monthly interest rate from a yearly rate, divide the yearly rate by 12. For example, 18% per year is 18 ÷ 12 = 1.5% per month. To get the yearly rate from a monthly rate, multiply by 12. For an annual interest rate converted to monthly, the formula is monthly rate = yearly rate ÷ 12. The calculator does this for you when you switch between “Per year” and “Per month”.
Worked example: 1,200 phone, 240 down, 12 months
The financed amount is 960. The same amount gives different installments depending on how the rate is quoted:
| Rate quoted as | Monthly installment | Total interest | Total payable (financed part) |
|---|---|---|---|
| 10% for the whole plan | 88.00 | 96.00 | 1,056.00 |
| 12% per year, flat (same as 1% per month, flat) | 89.60 | 115.20 | 1,075.20 |
| 12% per year, reducing (same as 1% per month, reducing) | 85.29 | 63.54 | 1,023.54 |
With the first row, you pay 240 today plus 12 installments of 88.00, which is 1,296 in total for a 1,200 phone. The last row costs the least, because you only pay the rate on the balance that is left.
What is a flat rate?
A flat rate means the interest is worked out once on the full amount you borrow, for the whole period, and then spread equally over the months. It does not go down as you pay the money back. That is why a flat rate looks cheaper than it is. For the same percentage, a flat rate costs much more than a reducing balance rate. To compare, choose “Flat” and then “Reducing balance” in the calculator with the same numbers and look at the total interest.
What is an amortization schedule?
An amortization schedule is a table that shows every payment over the life of the plan. For each month it shows the installment, how much of it pays back the principal, how much is interest, and the balance that is left. Open the “Amortization schedule” above the results to see yours. On a reducing balance plan the interest part is largest in the first months and falls as the balance falls. On a flat plan, the interest part is the same every month.
How much interest will I pay in total?
The total interest is your total payments minus the amount you financed. The calculator shows it as “Total interest (markup)”. A longer plan, a higher rate or a flat rate all raise it. A bigger down payment lowers it.
Flat rate or reducing balance: what is the difference?
| Flat or whole plan | Reducing balance | |
|---|---|---|
| Rate charged on | The full financed amount, for the whole period | The balance you still owe each month |
| Installment | Equal every month | Equal every month |
| Markup inside each installment | The same each month | Falls each month |
| Cost for the same percentage | Higher | Lower |
| Common with | Phone shops, store installment plans | Banks, personal loans, car and home loans |
A flat rate of 12% per year costs far more than a reducing rate of 12% per year, because the flat rate keeps charging on money you have already paid back. When you compare two offers, compare the total payable, not only the percentage.
What changes your monthly installment?
- Amount financed. The phone price minus your down payment. A bigger down payment lowers the installment and the total markup.
- Number of months. More months means a smaller installment, but more markup in total.
- Rate. A higher percentage raises both the installment and the total.
- Method. The same percentage costs less on reducing balance than on flat.
- Fees. Processing fees, insurance and late charges are not in the EMI. Add them yourself.
The table below shows the effect of the number of months on a financed amount of 960 at 12% per year, reducing balance.
| Months | Monthly installment | Total interest | Total payable |
|---|---|---|---|
| 6 | 165.65 | 33.88 | 993.88 |
| 12 | 85.29 | 63.54 | 1,023.54 |
| 24 | 45.19 | 124.57 | 1,084.57 |
| 36 | 31.89 | 187.89 | 1,147.89 |
Examples of monthly phone installments
These examples use a 20% down payment, 12 months and a 10% markup for the whole plan.
| Phone price | Down payment | Financed | Monthly installment | Total cost |
|---|---|---|---|---|
| 600 | 120 | 480 | 44.00 | 648 |
| 1,200 | 240 | 960 | 88.00 | 1,296 |
| 1,800 | 360 | 1,440 | 132.00 | 1,944 |
Installments, cash and “0% EMI” offers
Paying cash is always the cheapest way if you can do it without stress, because there is no markup. An installment plan makes sense when you need the phone now and the monthly amount fits your budget comfortably. A “0% EMI” offer can be fair, but check the details: the price may be higher than the cash price, there may be a processing fee, or the discount you would get for paying cash may be lost. Compare the total you pay in each case, not the headline rate.
Tips before you sign an installment plan
- Ask whether the percentage is for the whole plan, per year or per month, and whether it is flat or reducing balance.
- Ask for the total payable in writing, including every fee.
- Check for processing fees, insurance, delivery charges and late payment charges. This calculator does not include them.
- Ask what happens if you want to pay the plan off early, and whether there is a penalty.
- Choose the monthly amount you can pay comfortably, not only the lowest one on offer.
- Do not stretch the plan longer than the phone will stay useful to you.
EMI words explained
- Principal
- The amount you borrow or finance, after your down payment.
- Markup, interest or profit
- The cost of paying over time. Different sellers use different names for it.
- Tenure
- The number of months of the plan.
- Down payment
- The part you pay today, before the plan starts.
- Flat rate
- A rate charged on the full financed amount for the whole plan.
- Reducing balance
- A rate charged only on the balance that is still unpaid.
- Amortization (EMI table)
- The month-by-month table that shows how each payment is split into principal and markup.
Frequently asked questions
What does EMI mean?
How do I calculate a monthly installment for a phone?
Is the rate per month or per year?
How do I change a monthly rate into a yearly rate?
What is the difference between flat and reducing balance?
Does a bigger down payment help?
What is a flat rate?
What is an amortization schedule?
How do I calculate the monthly interest rate?
Is a longer plan cheaper?
Is a 0% EMI plan really free?
Does this calculator include fees, insurance or taxes?
Is the result an official quote?
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Want to compare with another free tool? Try the Utilmora EMI and loan calculator, which supports 21 currencies including PKR.
This calculator gives estimates only and does not include fees, insurance or taxes. Terms differ between sellers and banks, so confirm the exact figures with them before you buy. Reviewed by Malik Ahsan, MobiCircuit.