A construction mortgage schedule (or draw schedule) outlines when payments will occur based on timelines of completion and the costs associated with each stage of the project. Each draw schedule must outline the work to be done and the completion rate. For example, if your third draw outlines finishing plumbing, wiring, and drywall, the project might progress to 65% completion. Additionally, each schedule is generally completed 45 to 60 days apart and you or your contractor will receive the money installments with the corresponding draft. The norm is for the borrower to receive funds based on the percentage completed of the project. Lenders also require a progress inspection from an appraiser for each draw, which you are responsible for paying out of pocket. During construction, some lenders don’t require that you make any scheduled payments. These lenders most commonly deduct the accrued interest payment from each mortgage advance. On the other hand, other lenders may require that you keep up with regular payments. Additionally, some may offer interest-only payments during construction, but you must make both principal and interest payments upon completion.