Draw Schedule for a $20,000 Job
Each progress draw
$4,000.00
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 amount20000 $
- Deposit at signing10 %
- Number of progress draws after the deposit4
- Final payment at completion10 %
- Retainage held from each draw0 %
Each progress draw$4,000.00
| Deposit at signing | $2,000.0010% |
|---|---|
| Draw 1 | $4,000.00cumulative $6,000.00, 30% of contract |
| Draw 2 | $4,000.00cumulative $10,000.00, 50% of contract |
| Draw 3 | $4,000.00cumulative $14,000.00, 70% of contract |
| Draw 4 | $4,000.00cumulative $18,000.00, 90% of contract |
| Final payment at completion | $2,000.0010% |
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
| Number of progress draws | Each progress draw |
|---|---|
| 2 draws | $8,000.00 |
| 3 draws | $5,333.33 |
| 4 draws | $4,000.00 |
| 5 draws | $3,200.00 |
| 6 draws | $2,666.67 |
What else matters here
Two thousand at signing, four draws of $4,000, two thousand at completion. At three draws the same contract pays $5,333.33 a time.
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
How does a $20,000 job split at 10 percent down, four draws and 10 percent at completion?
A 10 percent deposit of $2,000, four progress draws of $4,000 each, and a $2,000 final payment at completion.
Should draws be on dates or on milestones?
Milestones you can point at, not dates. On completion of rough in inspection is collectable. On 15 October is an argument.
The payment schedule calculator takes any dimensions you like and hands back the same list.
Other common sizes
20 more sizes are answered on the payment schedule calculator page