Draw Schedule for a $300,000 Job
Each progress draw
$60,000.00
10% deposit at signing, four equal progress draws, 10% final payment at completion, no retainage held.
When the figures look right, the payment schedule downloads as a real PDF with your business details on it, built inside your own browser. Nothing you type is uploaded anywhere.
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 amount300000 $
- Deposit at signing10 %
- Number of progress draws after the deposit4
- Final payment at completion10 %
- Retainage held from each draw0 %
Each progress draw$60,000.00
| Deposit at signing | $30,000.0010% |
|---|---|
| Draw 1 | $60,000.00cumulative $90,000.00, 30% of contract |
| Draw 2 | $60,000.00cumulative $150,000.00, 50% of contract |
| Draw 3 | $60,000.00cumulative $210,000.00, 70% of contract |
| Draw 4 | $60,000.00cumulative $270,000.00, 90% of contract |
| Final payment at completion | $30,000.0010% |
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
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 | $120,000.00 |
| 3 draws | $80,000.00 |
| 4 draws | $60,000.00 |
| 5 draws | $48,000.00 |
| 6 draws | $40,000.00 |
What else matters here
Thirty thousand at signing, four draws of $60,000, thirty thousand at completion. Eight draws, which is closer to monthly on a job of this length, pays $30,000 a time.
Once payments go monthly, three dates matter and only one of them is the one people talk about. There is the cutoff, the last day of work that can appear on this application. There is the submission date, usually a few days later. And there is the approval window, which is however long the owner or lender takes, plus whatever the contract's payment term adds after approval.
Work the gap out once and stop being surprised by it. A cutoff on the 25th, submission on the 30th, approval taking two weeks and net 15 after that means work performed on the 2nd is paid around the 15th of the following month, roughly six weeks later. That is normal and it is survivable, but only if it is planned for. The expensive version is assuming a monthly draw means monthly money and finding out in month two that it means six week old money.
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 $300,000 job?
A 10 percent deposit of $30,000, four progress draws of $60,000, and a $30,000 final payment. Jobs this size usually move to monthly applications instead, which at eight draws is $30,000 each.
How long does a monthly draw take to get paid?
Count the cutoff date, the submission date, the approval window and the payment term after approval. Four to six weeks from the work being done is typical, and it is the number to plan payroll against rather than the draw date itself.
Should draws be on dates or on milestones?
Milestones you can point at. On completion of rough in inspection is collectable because either the inspection happened or it did not. On 15 October is an argument, because the customer will say the work is not where it should be and they will sometimes be right.
The payment schedule calculator takes any dimensions you like and hands back the same list.