Draw Schedule for a $15,000 Job
Each progress draw
$3,000.00
10% deposit at signing, four equal progress draws, 10% final payment at completion, no retainage held.
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How that number is worked out
These are the figures this page was built with and every line the calculator produces from them. Change anything above and all of it moves.
- Contract amount15000 $
- Deposit at signing10 %
- Number of progress draws after the deposit4
- Final payment at completion10 %
- Retainage held from each draw0 %
Each progress draw$3,000.00
| Deposit at signing | $1,500.0010% |
|---|---|
| Draw 1 | $3,000.00cumulative $4,500.00, 30% of contract |
| Draw 2 | $3,000.00cumulative $7,500.00, 50% of contract |
| Draw 3 | $3,000.00cumulative $10,500.00, 70% of contract |
| Draw 4 | $3,000.00cumulative $13,500.00, 90% of contract |
| Final payment at completion | $1,500.0010% |
The draw schedule this produces
| Deposit at signing | 1 |
|---|---|
| Progress draw 1 | 1 |
| Progress draw 2 | 1 |
| Progress draw 3 | 1 |
| Progress draw 4 | 1 |
| Final payment at completion | 1 |
Number of progress draws compared
More draws means smaller amounts more often, which is usually easier to collect and always easier to survive.
| Number of progress draws | Each progress draw |
|---|---|
| 2 draws | $6,000.00 |
| 3 draws | $4,000.00 |
| 4 draws | $3,000.00 |
| 5 draws | $2,400.00 |
| 6 draws | $2,000.00 |
What else matters here
Fifteen thousand splits into $1,500 at signing, four draws of $3,000 and $1,500 at the end. Two draws of $6,000 is the other common shape on a job this length.
This is the size where the deposit rule starts to matter. Several states cap what a residential contractor may collect before work begins, and the cap is usually written as a percentage or a flat dollar figure, whichever is smaller. That means a 10 percent deposit that is legal on a $15,000 job can be illegal on a $60,000 one, because the flat cap bites first.
The caps are not a technicality. In the states that have them they sit in the home improvement or contractor licensing statute, so an over the cap deposit is a license problem rather than a contract dispute, and some states additionally require deposits above a threshold to be held in a separate account or bonded. Look up the number for your own state once, write it on the estimate template, and stop thinking about it.
What this calculator assumes
- Several states cap the deposit a residential contractor may take, some at 10 percent and some at a flat dollar figure. Check your own state before you write a bigger number here.
- Draws should follow milestones you can point at, not dates. "On completion of rough in inspection" is collectable. "On 15 October" is an argument.
- A final payment under 10 percent gives the customer no reason to sign off, and one over 20 leaves you funding their job.
Questions people ask
What is a normal draw schedule for a $15,000 job?
A 10 percent deposit of $1,500, four progress draws of $3,000 each, and a $1,500 final payment at completion.
How much deposit can I legally ask for?
It depends on the state. Several cap a residential deposit at a percentage of the contract or a flat dollar amount, whichever is less, and a few require the money to be held separately. The cap lives in the home improvement or licensing statute, not in general contract law.
Is a 10 percent deposit allowed?
Usually, but several states cap what a residential contractor may take up front, some at 10 percent and some at a flat dollar figure. Check your own state before writing a bigger number, because an over the cap deposit can be a license issue rather than just a contract dispute.
The payment schedule calculator takes any dimensions you like and hands back the same list.