The keeper, 29, was at Bury in 2006 when a final-day draw at Notts County stopped them dropping into non-League.
"There is no pressure now. Those games where absolutely everything is on the line, that's proper pressure," he said.
The Foxes are top of the Premier League knowing four wins from their final six games will ensure a shock title win.
In a remarkable season, Claudio Ranieri's men are closing in on one of the most unlikely successes in the history of English football.
Leicester were fighting a relegation battle this time last year, but recovered to stay in the top flight. Their stunning turnaround sees them 41 points up on this stage of last season.
They face a trip to Sunderland on Sunday (kick-off 13:30 BST) having suffered just three defeats in 32 league games all season.
"It's everyone else's prerogative to talk and say what they want but we know there is so much work to be done before we can relax," added Schmeichel, who has kept a clean sheet in his last four games.
"Relegation with Bury was on the line at Notts County. That would have meant Bury going into non league and that would have been catastrophic.
"When you go out on loan it's not the glitz and glamour, there's nowhere near the amount of money there is at the top level.
"People's livelihoods are on the line, mortgages and families. You are making decisions which can affect people."
The pressure of a Premier League title challenge is nothing compared to a fight to stay in the Football League, says Leicester's Kasper Schmeichel.