A payment schedule is a structured plan outlining the specific dates and amounts due for payments on a loan or financial obligation. It details how and when a borrower must make payments, which can be monthly, bi-weekly, or on another agreed frequency. The payment schedule includes both principal and interest portions, helping the borrower understand their total financial commitment over the life of the loan. Clear payment schedules ensure that payments are managed efficiently and help borrowers avoid missed or late payments that could lead to penalties.