The Foxes are currently seven points clear of Tottenham Hotspur with six games to go and for Schmeichel, the mounting tension of this season's run-in pales in comparison to the stress of fighting for survival.
"We are under no pressure at all," the 29-year-old told British media. "The pressure was last season when your backs are to the wall, you're fighting for your lives. Relegation means everything to a club, to a city, to a whole community.
"People lose their jobs. That would have been catastrophic for us. That was real pressure. This is just great. We are enjoying this."
Schmeichel also said the experience of winning the Championship (second-tier) two seasons ago would stand the Foxes in good stead in the final push for a Premier League title.
"Granted, it was in another league but we've done this before," he added. "We've done it in the Championship. A lot of us were there in that period, we know what it's like. You have to take one game at a time."
Leicester travel to relegation-threatened Sunderland on Sunday hoping to seal a fifth league win in a row. (