Dynamic scheduling was introduced in LTE (Long Term Evolution) to enhance the user experience and cope up with the ever demanding nature of the 4G (4th Generation) user. Scheduling exploits resource allocation strategies to meet various performance targets to satisfy the needs of the users. This paper provides a comprehensive performance analysis of downlink scheduling algorithms for LTE. LTE targets the RT (Real Time) services like VoIP (Voice over IP), video conferencing, video streaming and online gaming .All these services demand high throughputs. This research targets the problem of designing an algorithm which can better perform for RT services, providing better throughput and lesser delays. A modification of MLWDF (Modified Largest Weighted Delay First) scheme is presented with additional parameters to achieve the performance gains. The proposed algorithm is compared with the state-of-the art algorithms like MLWDF, Proportional Fair and Exponential Proportional Fair to provide detailed analysis of different QoS (Quality of Service) parameters like throughput, spectral efficiency and packet delays