Value of interest rate swap at a point in time..

The value of an interest rate swap in time is the difference between the present value of the fixed-rate and the present value of a floating-rate theoretical bond with appropriate discount rates for each period.

The present value of the floating bond is the discounted value of the next floating payment which is known.

Why do we only need to compare the present value of the next floating rate to the next fixed rate applied to the principal and not the rest of the float/fixed rates?

Rate resets at that time. So only (1+floatingrate) and fixed have to be compared.