Despite losing their first match to Scotland, Ireland went top of the standings with 10 points, buoyed by a two bonus-point advantage over England who won their first two games in the tournament.
The Six Nations is awarding bonus points for the first time this season, if a team score four or more tries or lose by seven or fewer points.
Defending champions England will move ahead of Ireland if they secure their third win in a row against bottom-placed Italy on Sunday but Schmidt was in upbeat mood.
"England are going to have to keep going full speed and (their next opponents) Scotland have proved that they are very difficult to get past," he told reporters.
"We picked up that bonus point against Scotland, picked up one against Italy and England haven't picked up a bonus point yet," he said.
"But we're not thinking ... about the end of the championship yet," he said. "We are really trying to stay really focused on the immediate challenge."
To win the tournament, Ireland will need to win their last two matches against Wales in Cardiff on March 10 and against England at Twickenham eight days later.
Ireland's next challenge is in Wales who Schmidt said were unlucky in their 29-13 loss to Scotland and would be "disappointed and determined" opponents.
Ireland captain Rory Best said the team would have to lift their performance against the Welsh to have a chance.
"You have to get better each week because the other teams are going to get better every week," he said.
(Editing by Ed Osmond)
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