Payment Schedule

Payment Schedule is a software feature that automatically generates amortization tables for developer billing and buyer payment tracking after a sale receives approval.

Definition

A payment schedule in Philippine real estate functions as an automated financial document that breaks down the total contract price (TCP) into structured installments. The system calculates monthly equity payments during the pre-selling period and projects the bank take-out or Pag-IBIG housing loan amortization upon turnover.

Core Features

• Automatic generation — Creates complete payment tables immediately after sales approval
• Developer billing sync — Aligns buyer payments with developer collection schedules
• Equity breakdown — Separates reservation fees, down payment tranches, and monthly amortization
• PDC scheduling — Maps post-dated check collection dates for brokerage operations
• Bank take-out projection — Estimates monthly mortgage amounts based on loan terms and interest rates
• VAT computation — Applies the 12% VAT rate when TCP exceeds the threshold

Use Cases

You can use payment schedule generation for:

• Pre-selling condominium units — Track equity payments across 24-36 months before turnover
• Subdivision lot sales — Monitor monthly installments for lot-only purchases
• House and lot packages — Manage combined land and construction payment milestones
• Seller financing arrangements — Structure in-house financing terms outside traditional bank loans
• Commission forecasting — Project commission release dates tied to buyer payment milestones

How It Works in iRealtee

In iRealtee, the Payment Schedule feature operates within the Sales module:

1. Sales agent submits reservation through the Sales Wizard
2. Hub admin approves the sale via the Sales Approval Workflow
3. System generates the payment schedule based on configured payment terms
4. Payment Tracking monitors each installment status
5. Commission Calculator computes payouts aligned to collection milestones

The feature supports multiple payment schemes common in Philippine real estate:

• Spot cash — Full payment with developer discounts
• Deferred cash — 6-12 month lump sum payment
• Installment — Monthly equity over 24-60 months
• Bank financing — Equity period plus bank take-out at turnover

Integration

Payment Schedule connects with other iRealtee modules:

• Accounts Receivable — Records expected buyer payments as collectibles
• Invoice Management — Generates billing statements per payment due date
• Payment Calendar — Displays upcoming dues in calendar view
• Commission Billables — Links agent earnings to payment collection
• BIR Tax Reports — Calculates withholding tax obligations per payment

Related Terms

• Amortization Schedule
• Payment Tracking
• Accounts Receivable
• Commission Management
• Sales Management

References

• Wikipedia: Amortization Schedule
• Metrobank: Understanding Amortization
• Pag-IBIG Fund Housing Loan Program