I looked at the schedules on bahn.de.

From Schwandorf to Munich:
If you miss the 9:07 train there is another departing at 9:11am, but that one requires a 2nd connection in Nurnberg (5min). The next train to Munich not requiring a connection is 2hrs later.

According to the bahn website, the two later trains do not allow reservations and both get to Munich before 12:30, so we'd be okay on the arrival times. I just want to make sure we can use them without an intermediate step of changing out the ticket or something similar to what you have to do when missing a connecting flight.

AH! Thanks J62 - I didn't even notice the additional connections on those trains. Geeze!!!

If they are both regional trains then there would be no problem

but other trains like ICEs can have varying fares and would cost more than a regional train

thus be sure when you buy your ticket that it's a thru ticket to be used on any regional train

but if it's an ICE train then check

There is an overnight train from Munich to Venice if you don't mind sleeping on the train. You will not waste any daylight time. I've done it many times.

This is probably stating the obvious, but don't automatically assume your 'connection' departs exactly the same station you've arrived in. Big cities have multiple terminals, and though 15 mins sounds generous, it isn't if you've got to hike half a mile with luggage to another station first!

What is the difference between open saloon coach, center isle coach, and compartment for seating reservations? Which is better?