2. fixed monthly payment: EMIs have a fixed monthly payment that does not change over time. You will know exactly how much you need to pay every month and for how long. You will also avoid any surprises or fluctuations in your payment amount due to alterations in interest levels or fees. For example, if you have a home equity loan of $100,000 with an interest rate of 6% and a repayment period of 10 years, your EMI will be $1,110.