Calculate bond price, current yield, yield to maturity, yield to call, bond-equivalent yield, coupon payments, coupon rate.
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Bond calculator suite Price a coupon bond, solve yield to maturity or yield to call, compare current yield with coupon rate, convert bond-equivalent yield, and estimate convexity from one consolidated fixed-income calculator page.
Start with the yield measure that matches the quote
Bond calculators can produce very different answers from the same coupon because price, call dates, redemption value, and accrued-interest conventions change the question. Use this guide before jumping into the full fixed-income suite.
Use the right yield measure Coupon rate describes the contract. Current yield measures income on today's price. Yield to maturity and yield to call add the price path back to redemption value. Convexity explains why price sensitivity is not perfectly linear when yields move.Check quote basis before relying on results Many bond tools assume a clean price and regular coupon schedule. Real trade comparisons can require accrued interest, dirty price, day-count convention, settlement date, call schedule, yield to worst, credit spread, and tax treatment before the result is decision-ready.
Bond price calculator
Price a bond from coupon and market yield
Use this section when you know the required market yield and need the present value of remaining coupon cash flows plus the final face-value repayment.
Bond price calculator for coupon bonds Use this bond price calculator to estimate fair value from face value, coupon rate, market yield, coupon frequency, and time to maturity, then compare the result with par, premium, and discount context.Price a bond from coupon and market yield Discount each coupon and the maturity value at the required market yield to see whether the bond should price at a premium, discount, or par.
Display currency
Currency only changes the display of price and cash-flow amounts. The pricing maths and yield relationship stay the same.
Assumptions
This calculator uses a plain present-value bond-pricing model with level coupons and one redemption payment at maturity. It does not model accrued interest settlement, callability, credit losses, taxes, or changing yields over time.
Result
$1,040.10 price
A semiannual coupon bond with 5% coupons and a required market yield of 4.4% prices at $1,040.10.
Present value of coupons
$334.13
Present value of principal
$705.97
Coupon per period
$25.00
Current yield at price
4.81%
Total coupon income to maturity
$400.00
Effective annual yield
4.45%
Bond prices at a premium The model price is above par by $40.10, or 4.01% of face value.
Interpretation note
When the required market yield is below the coupon rate, the bond usually prices above par because its coupon stream is more attractive than new-market alternatives. When required yield rises above coupon rate, the present value usually falls below par.
Bond yield calculator
Compare coupon rate, current yield, and YTM
Use this section when you want one result sheet for income yield, full hold-to-maturity return, effective annual yield, and premium-or-discount context.
Compare income yield with full hold-to-maturity return Coupon rate tells you what the bond contract pays. Current yield tells you the income on today's price. Yield to maturity adds the premium-or-discount pull back toward par.
Examples
Display currency
Currency changes only the way prices and coupon cash flows are displayed. Yield math stays tied to the price and cash-flow inputs.
Assumptions
This page treats the entered market price as a clean price and assumes a plain fixed-rate bond held to maturity. It does not model accrued-interest settlement, call features, taxes, credit losses, or changing reinvestment rates for coupons.
Result
5.88% YTM
This bond's current yield is 5.26%, while the solved hold-to-maturity return rises to 5.88% because the discount below par changes the total return path.
Coupon rate
5%
Current yield
5.26%
Effective annual yield
5.97%
Annualized pull to par
$0.71
Bond trades at a discount The bond is priced at 95 per 100 face, which means the price sits -5% away from par. That pushes yield to maturity +0.62% away from current yield and +0.88% away from the coupon rate.
Yield comparison
Contract, income-only, and hold-to-maturity views
Yield measure
Result
What it captures
Coupon rate
5%
Contract rate written into the bond terms before market pricing moves it away from par.
Current yield
5.26%
Coupon income only, divided by today's price, without any pull-to-par effect.
Approximate yield
5.86%
Rule-of-thumb estimate using coupon income plus straight-line annualized price convergence.
Yield to maturity
5.88%
Solved hold-to-maturity return that discounts all remaining coupons and principal to today's price.
Effective annual yield
5.97%
Compound annualized version of the solved periodic yield based on coupon frequency.
Annual coupon income
$5.00
Coupon per period
$2.50
Capital gain or loss at maturity
$5.00
Approximate-yield gap
+0.02%
Price per 100 face
95
Coupon periods remaining
14
Interpretation note
Current yield is the income view, not the full return view. Yield to maturity becomes more useful when the bond is materially above or below par, because that price gap can either add to or subtract from coupon income over the remaining life of the bond.
Bond current yield calculator
Measure coupon income on today's price
Use current yield for the quick income snapshot, then compare it with YTM when price is materially above or below par.
Measure coupon income on today's bond price Current yield translates the annual coupon into an income rate based on the price you would pay now, not the bond's original face value. Use this bond current yield calculator when you want a quick income screen instead of a full hold-to-maturity estimate.
Display currency
Currency changes the way prices and coupon cash flow are displayed without changing the yield ratio itself.
Assumptions
This calculator isolates current yield only. It does not add capital gain or loss at maturity, accrued-interest settlement, taxes, or default risk.
Formula reference
Current yield = annual coupon income / current market price.
Coupon rate = annual coupon income / face value.
Result
5% current yield
A bond priced at $96.00 with a 4.8% coupon produces $4.80 of annual coupon income.
Annual coupon income
$4.80
Income per 1,000 invested
$50.00
Bond units per 1,000 invested
10.42
Price gap to par
$4.00
Bond trades below par The bond is 4.17% away from par relative to the price paid today, which matters for total return even though current yield itself only measures coupon income.
Interpretation note
Current yield is useful for income screening. To judge full hold-to-maturity return, compare it with yield to maturity so the premium-or-discount pull back toward par is included.
Yield to maturity calculator
Solve hold-to-maturity return
Use YTM when the bond is non-callable or when final maturity is the scenario you want to compare across different prices, coupons, and terms.
Solve the bond's hold-to-maturity internal rate of return Yield to maturity is the bond-return view that tries to combine coupon cash flows and the final redemption at par into one annualized rate.
Examples
Display currency
Currency changes the display of purchase price, coupons, and total cash-flow figures only. The solved yield remains the same because the return math is ratio-based.
Assumptions
The solver assumes the bond is held to maturity and all scheduled coupon and redemption cash flows are paid in full. It does not model reinvestment risk, default, taxes, call features, or accrued-interest settlement.
Result
5.43% YTM
If this bond is bought at $94.00 and held until redemption at $100.00, the modeled nominal annualized hold-to-maturity return is 5.43%.
Current yield
4.79%
Effective annual yield
5.51%
Total coupon income to maturity
$36.00
Total cash received
$136.00
Bond trades at a discount The price sits -6% away from par, so the pull to maturity changes the return mix. That moves YTM +0.65% away from current yield and leaves total return at +44.68% over the remaining term.
Maturity comparison sheet
Yield, cash-flow, and timing context
Measure
Value
Type
Current yield
4.79%
Annualized rate
Yield to maturity
5.43%
Annualized rate
Effective annual yield
5.51%
Annualized rate
Total coupon income
$36.00
Cash flow
Total return amount
$42.00
Cash flow
Years to maturity
8
Timing
Capital gain or loss at maturity
$6.00
Coupon per period
$2.25
Coupon periods to maturity
16
Annualized simple return
5.59%
Income share of total return
85.71%
Approximate-yield gap
+0.02%
Interpretation note
Yield to maturity is most useful for plain-vanilla, non-callable bonds when the investor is genuinely evaluating a hold-to-maturity path. The moment call features, credit stress, or tax treatment can change the cash-flow path, YTM stops being the only yield measure that matters.
Yield to call calculator
Model callable-bond return
Use yield to call when early redemption is plausible, especially for premium bonds where the call price can cap the return.
Estimate yield to the earliest call date Yield to call solves the bond price that matches coupon cash flows plus the call price at the earliest call date.
Display currency
Change the currency used for bond price and call price display without changing the yield calculation.
Assumptions
This calculator uses a simple coupon schedule with a prorated stub for any partial period before the call date. It does not model accrued-interest settlement or make-whole premiums.
Result
7.14% YTC
Yield to call from a bond price of $98.00 and a call price of $100.00.
Effective annual yield
7.14%
Coupon per period
$5.00
Periods to call
1
Final cash flow
$105.00
Call premium The call price is above the current bond price by $2.00 (2.04%).
Interpretation note
Yield to call is the return if the bond is called at the earliest allowed date. If the bond is not called, realized yield can differ materially from this estimate.
Bond equivalent yield calculator
Convert short-term discount quotes
Use bond-equivalent yield to compare Treasury bill or money-market discount quotes with coupon-bond yields on a more comparable 365-day basis.
Example scenarios
Translate bill-style quotes onto an investor comparison basis Bond-equivalent yield helps compare bank-discount and money-market quotes with a 365-day, price-based annualized return instead of a dealer-style short-term convention.
Quote basis
Display currency
Currency changes only the display of price and discount amounts. The short-term yield relationships stay the same.
Assumptions
This calculator treats the security as a simple discount instrument with one maturity payment. It does not model taxes, bid-ask spreads, settlement lags, callable cash flows, or product-specific auction rules.
Bond-equivalent yield
4.84% BEY
Quoted bank discount yield of 4.7% across 120 days converts to a price-based 365-day bond-equivalent yield of 4.84%.
Quote translation
+0.14% lift to BEY
The quoted short-term basis understates investor-style annualized return when face value and 360-day conventions are replaced with purchase price and a 365-day basis.
Effective annualization
+0.08% above BEY
Effective 365-day yield reinvests the holding-period return geometrically instead of using the simple BEY convention.
Purchase price
$9,843.33
Discount amount
$156.67
Price per 100 face
98.43
Discount per 100 face
1.57
Holding-period yield
1.59%
Maturity fraction of year
0.33
Yield measure
Value
Role
Quoted basis
4.7%
Entered or quoted basis
Bank discount yield
4.7%
Entered or quoted basis
Money market yield
4.77%
Cross-check basis
Bond-equivalent yield
4.84%
Investor-comparison output
Effective 365-day yield
4.92%
Investor-comparison output
Why BEY differs Bond-equivalent yield lifts the quoted discount rate onto a price-based 365-day basis.
Interpretation note
Bank-discount quotes are dealer-friendly, not investor-friendly. Bond-equivalent yield is usually the cleaner number for comparing T-bill style instruments with coupon bonds and other annualized fixed-income returns, while effective 365-day yield shows the geometric upper bound on the same holding-period return.
Coupon payment calculator
Calculate periodic coupon cash flow
Use this section when you know face value and coupon rate and need annual income, coupon per period, or semiannual coupon payment context.
Calculate the cash paid on each coupon date Enter the bond's face value, annual coupon rate, and payment frequency to see the coupon payment per period, annual coupon income, periodic rate, and optional current-yield context when the bond trades away from par.
Examples
Display currency
Currency changes only the display of coupon cash flows. The coupon payment formula still uses the relationship between face value, coupon rate, and payment frequency.
Assumptions
This calculator treats the entered coupon rate as an annual stated rate for a standard fixed-rate bond. It does not calculate accrued interest, dirty price, call features, floating coupons, default risk, tax treatment, or reinvestment return.
Result
$25.00
Semi-annual coupon payment on $1,000.00 face value at a 5% annual coupon rate.
Annual coupon income
$50.00
Periodic coupon rate
2.5%
Payments per year
2
Current yield
5.1%
Calculation line
$1,000.00 x 5% / 2 = $25.00 per six-month period.
Bond trades below par Coupon payment is still based on face value, not market price. At a market price of $980.00, annual coupon income of $50.00 implies a current yield of 5.1%.
Payment frequency comparison
Same annual coupon, different payment schedule
Frequency
Payments/year
Payment
Periodic rate
Annual
1
$50.00
5%
Semi-annual
2
$25.00
2.5%
Quarterly
4
$12.50
1.25%
Monthly
12
$4.17
0.42%
How to read this result
The issuer pays $25.00 on each scheduled coupon date, totaling $50.00 per year. The dollar coupon does not change when the bond trades at a premium or discount, but current yield changes because the same annual income is divided by a different market price.
Coupon rate calculator
Recover the stated coupon rate
Use this section when you know the coupon payment amount and payment frequency, then need the annual coupon rate relative to face value.
Recover the stated bond coupon before you compare yields This page converts a coupon payment amount and payment schedule into the annual bond coupon rate, then optionally shows how current yield and an approximate hold-to-maturity return can drift when the bond trades away from par.
Examples
Display currency
Currency only changes how coupon cash flows are displayed. The coupon-rate and yield percentages come from the numeric relationship between coupon dollars, par value, and price.
Assumptions
Enter the coupon amount for the selected payment schedule. For example, a bond that pays $25.00 every six months should use a semi-annual frequency and $25.00 as the coupon payment amount. Market price and maturity are optional and are used only for yield context.
Result
5%
A semi-annual coupon payment of $25.00 on a face value of $1,000.00 annualizes to $50.00 per year, which implies a stated coupon rate of 5%.
Annual coupon
$50.00
Entered schedule
$25.00
Semi-annual equivalent
$25.00
Quarterly equivalent
$12.50
Calculation line
($25.00 × 2) ÷ $1,000.00 = 5%
Bond trades below par At a market price of $980.00, current yield is 5.1%. Using the rule-of-thumb pull-to-par estimate, approximate YTM is 5.39%.
Rate comparison
Stated coupon versus market-price context
Metric
Result
What it means
Coupon rate
5%
The stated contract rate calculated from annual coupon dollars divided by face value.
Current yield
5.1%
Annual coupon income divided by the bond’s current market price.
Approximate YTM
5.39%
Rule-of-thumb hold-to-maturity estimate using coupon income plus annualized pull to par.
Interpretation
Coupon rate stays tied to face value. Current yield moves with market price. Approximate YTM goes one step further by spreading the premium or discount over the remaining years to maturity, which is why a discount bond can show a higher total-return estimate than its stated coupon rate.
Effective duration calculator
Estimate bond price sensitivity to yield moves
Use duration after price and yield are understood to approximate the percentage price change from a parallel yield-curve move before checking convexity.
Measure bond price sensitivity from up/down yield shocks Enter the base price plus modelled prices after equal down and up yield shocks. The calculator returns
effective duration, DV01-style price risk, scenario price moves, and a convexity/asymmetry signal.
Display currency
Currency affects only optional position-value and money-at-risk outputs; bond prices can still be entered as price per 100 or price per bond.
Common yield-shock presets
Example scenario presets
Scenario move to estimate
Input order and assumptions
The repricing shock should match the way P− and P+ were generated. Use parallel yield-curve shocks for
ordinary effective duration; key-rate, spread, or non-parallel shocks need separate risk measures.
Result
4
A 4 effective duration implies about a 4% price move for a 1 percentage-point parallel yield shift.
Price change per 1% yield shift
≈ 4%
Shock used
50 bps
Scenario price move
≈ 4%
DV01 per price point
0.04
Estimated price if yields rise
96
Estimated price if yields fall
104
Formula trace
(102 - 98) / (2 x 100 x 0.005) = 4
Price asymmetry
0 (flat convexity signal)
Dollar duration per price point
4 for a 100 bp move per 100 price base
Scenario market-value move
≈ $40,000.00 for the entered position value
How to read this result
An effective duration of 4 means the bond price is expected to
change by approximately 4% for every 1 percentage point parallel
shift in the yield curve. Higher duration indicates greater interest-rate risk, while convexity determines
how quickly that linear estimate breaks down for larger shocks.
Bond convexity calculator
Estimate price-yield curvature
Use convexity after price and yield are understood, especially when you need to compare upside from falling yields with downside from rising yields.
Three-price estimate
Enter the bond price at the current yield, the price after a small yield decrease, and the price after an equal yield increase. The calculator uses those three observations to estimate convexity and the asymmetry duration misses.
How to choose the yield shift
Small parallel moves such as 25 or 50 basis points are typical because convexity is a local curvature estimate. Larger shifts can still be useful, but they blur the link between the second-order estimate and the underlying price function.
Convexity result
120
Positive convexity for the entered price–yield scenarios. Convexity is the second-order curvature term that explains why gains and losses are not perfectly symmetric around duration’s straight-line estimate.
1% convexity adjustment
0.6%
Yield shift used
50
basis points
Gain when yields fall
2.5
Loss when yields rise
2.2
Convexity result sheet
Measure
Value
Interpretation
Current price
100
Baseline price at the starting yield.
Price after yield fall
102.5
Observed reprice after the assumed downward yield move.
Price after yield rise
97.8
Observed reprice after the equal upward yield move.
Asymmetry amount
0.3
Upside from falling yields exceeds downside from rising yields by this amount.
Asymmetry as % of price
0.3%
Shows how much curvature matters relative to the starting bond price.
How to read this result Positive convexity of 120 means the bond gains more when yields fall than it loses when yields rise by the same amount. This is the usual pattern for option-free bonds and is favourable to the investor.
A bond calculator is most useful when it keeps the major fixed-income questions together: what a bond is worth, what yield the price implies, how coupon cash flow is paid, whether a call date changes the return, and how sensitive the price may be when yields move.
What this bond calculator can solve
Use the bond price calculator section when you know face value, coupon rate, coupon frequency, years to maturity, and the market yield required by investors. It discounts the remaining coupon payments and final redemption value into a model price, then shows whether the result is at par, at a premium, or at a discount.
Use the bond yield calculator and yield to maturity calculator sections when you know the market price and want the return implied by the remaining cash flows. Current yield gives the income-only snapshot, while yield to maturity adds the gain or loss from the price moving back toward redemption value.
How to choose the right bond calculator section
The fastest path depends on the quote you already have. If you know the market yield you want to test, start with bond price. If you know the market price, start with yield to maturity. If the bond can be redeemed early, run yield to call before trusting the final-maturity result. If you only need a quick income screen, current yield is useful, but it is not a complete return measure.
This decision order matters because coupon rate, current yield, yield to maturity, yield to call, and bond-equivalent yield answer different questions. A premium callable bond can look attractive on coupon rate and current yield but weak on yield to call. A discount non-callable bond can show current yield that understates the full hold-to-maturity return because price recovery toward par is part of the economics.
Before using any result as a trade input, confirm whether the quote is clean price or dirty price, whether accrued interest is included, whether the coupon schedule is regular, and whether yield to worst or tax-equivalent yield is the better comparison measure. The calculator is intentionally transparent about the simplified cash-flow model so those quote-basis checks are not hidden.
Bond price, coupon rate, current yield, and YTM are different measures
Coupon rate is the stated annual interest rate in the bond contract. It is based on face value and does not change just because the bond trades above or below par. Coupon payment is the periodic cash amount produced by that stated rate and the selected payment frequency.
Current yield divides annual coupon income by today's market price. It is useful for an income screen, but it leaves out the premium-or-discount path back to face value. Yield to maturity solves the broader price-and-cash-flow equation, so it is usually the better first-pass return measure for an option-free bond held to final maturity.
Bond price = PV of coupon payments + PV of redemption value
The core valuation identity used when pricing a plain coupon bond from required yield.
Current yield = Annual coupon income / Market price
The income-only yield measure that ignores final redemption value and price convergence.
Coupon rate = Annual coupon payment / Face value
The stated bond coupon rate after periodic coupon payments are annualized.
Yield to call, bond equivalent yield, and convexity
Yield to call is the relevant stress test when a callable bond may be redeemed before final maturity. A premium callable bond can look attractive on coupon rate or current yield, then show a much lower yield to call if the issuer can redeem it soon near par.
Bond equivalent yield is a convention bridge for short-term discount instruments such as Treasury bills. It converts discount or money-market-style quotes onto a 365-day comparison basis. Bond convexity is a risk measure: it estimates the curvature of the price-yield relationship after the main price and yield measures are understood.
Worked example: discount bond with 100 face value, 5.00% coupon, and 95 price
Suppose a bond has 100 face value, pays a 5.00% annual coupon, has five years remaining, and trades at 95. Current yield is about 5.26%, because the 5 annual coupon is divided by the 95 market price.
Yield to maturity is higher than current yield because the investor may also recover the 5-point discount by maturity. If the same bond traded at 105, current yield would fall below coupon rate and YTM would also be pulled down because the premium is lost as the bond returns to par.
When each section is the right tool
Start with bond price when you are testing whether a required yield justifies a quoted price. Start with bond yield or yield to maturity when you already have the quote and need to compare it with other fixed-income opportunities. Start with coupon payment or coupon rate when the question is the promised cash flow rather than total return.
Use yield to call for callable bonds, bond equivalent yield for short-term discount quotes, and convexity for price-risk sensitivity. Do not treat the output as a complete trade decision: settlement basis, accrued interest, taxes, call schedules, credit spread, liquidity, and portfolio fit can all change the real-world answer.
TreasuryDirect - Treasury Bills — Official TreasuryDirect overview of Treasury-bill discount instruments relevant to bond-equivalent yield.
MSRB - Municipal Bond Basics — Official municipal-bond reference for price, coupon, maturity, redemption, and call terminology.
Clean price, dirty price, accrued interest, and yield to worst caveats
Many educational bond calculators use clean price because it is the quoted market convention. The actual settlement amount can include accrued interest, creating a dirty price that differs from the clean quote. If you are reconciling against a broker screen or confirmation, make sure the price basis matches before concluding the yield is wrong.
Callable and putable bonds add another layer. Yield to maturity assumes the final maturity cash flow occurs, while yield to call assumes a specific early redemption. Professional screens often compare several possible redemption dates and report yield to worst. This page includes yield to call, but it does not replace a full yield-to-worst engine across every possible call date.
Tax treatment can also change the comparison. A municipal bond, corporate bond, Treasury bill, and taxable money-market instrument can all require different after-tax framing. Use the tax-equivalent yield calculator or separate tax review when the decision depends on after-tax income rather than pre-tax bond yield alone.
Use bond price when you know the required market yield and want fair value. Use bond yield or yield to maturity when you know the market price and want the implied annualized return. Use current yield only for a quick income snapshot.
Is coupon rate the same as bond yield?
No. Coupon rate is based on face value and is set by the bond contract. Bond yield depends on market price, remaining term, coupon timing, redemption value, and sometimes call features.
Why can current yield differ from yield to maturity?
Current yield divides annual coupon income by today's price. Yield to maturity also includes the gain or loss from the bond moving back toward face value by maturity, so discount and premium bonds can show a large gap between the two measures.
When should I use yield to call instead of yield to maturity?
Use yield to call when the bond can be redeemed early and the call is plausible. This is especially important for premium callable bonds because early redemption can cap the return.
What is bond equivalent yield used for?
Bond equivalent yield helps compare short-term discount instruments, such as Treasury bills, with coupon-bond yields by converting discount-style quotes onto a 365-day investor-comparison basis.
What does bond convexity add beyond price and yield?
Convexity estimates the curvature of the price-yield relationship. It helps explain why a bond may gain more when yields fall than it loses when yields rise by the same amount, or why callable bonds can show less favorable upside.
Does this bond calculator include accrued interest or dirty price?
No. The sections use simplified clean-price and plain cash-flow assumptions unless the individual section states otherwise. Confirm accrued interest, settlement convention, and dirty price separately before using the output for a real trade.
Can I use this for zero-coupon bonds?
Yes for the price and yield-to-maturity sections. Enter a zero coupon rate and the result becomes the present value or annualized return implied by buying below redemption value and receiving face value at maturity.
Is this enough for an investment decision?
No. It is a first-pass fixed-income calculator suite, not investment advice or a suitability check. Credit risk, liquidity, taxes, call schedules, duration, convexity, and portfolio constraints should be reviewed before buying or selling a bond.
Should I start with bond price, current yield, or yield to maturity?
Start with bond price if you know the market yield and want a fair value. Start with yield to maturity if you know the market price and want the implied hold-to-maturity return. Use current yield only for a quick income screen because it ignores the gain or loss from price moving back toward redemption value.
Does this bond calculator use clean price or dirty price?
The suite generally treats entered prices as clean-price educational inputs unless a section states otherwise. Real settlement can include accrued interest, so broker confirmations and dealer screens may require a dirty-price reconciliation before comparing exact yields.
Does this page calculate yield to worst?
No. It includes yield to maturity and a yield-to-call section for a selected call scenario, but yield to worst requires checking every relevant redemption date and taking the lowest plausible yield. Use the call section as a stress test, not as a complete yield-to-worst engine.
