Amortization tables are mathematical charts that are used by lenders and borrowers to calculate the monthly payment on a loan or mortgage. The tables are generally created by an amortization calculator that takes into account the total amount of a loan, the interest rate that is charged and the loan's lifespan. Each of the three factors affects the total amount that is required by the lender for repayment. Many borrowers make use of amortization tables to help them find an ideal loan. Changing any of the different aspects of the schedule affects the total amount of monthly payments. For example, you have $20,000 saved to buy your home and want to obtain a 30-year mortgage. To quickly change the numbers and find your ideal monthly payment, you use an amortization table to devise a downpayment amount. The tables are also used by lenders to help clients find affordable mortgages.