Payment Schedule

A payment schedule outlines the timing and amounts of payments to be made over the life of a loan, contract, or agreement. It provides a structured plan for repaying debt, such as mortgages, car loans, or business contracts, ensuring that both parties understand when payments are due. Payment schedules can be structured as equal installments, balloon payments, or other arrangements depending on the terms of the loan or contract.

Example

A mortgage payment schedule requires a borrower to make monthly payments of $1,500 for 30 years, detailing the due dates and amounts for each payment.