How to Use a Loan Amortization Schedule Calculator

A loan amortization schedule outlines each payment for a loan, detailing principal and interest amounts, making it easier to manage repayments. To calculate this, use the formula: M = P[r(1 + r)^n] / [(1 + r)^n – 1], where M is the total monthly payment, P is the loan principal, r is the monthly interest rate, and n is the number of payments.