Bond Calculator — Price, YTM & Coupon
Price a bond from its yield, solve for yield to maturity from a market price, and see clean vs dirty price, accrued interest, Macaulay duration, and the full coupon payment schedule — all live as you type.
P = Σ C/(1+r)^t + F/(1+r)^n
Bond Price
Dirty = Clean + Accrued Interest
Price Types
Current Yield = C / Price
Current Yield
Bond Calculator
Price · Yield to Maturity · Clean/Dirty Price · Duration
BOND DETAILS
📉 Trading at a Discount— Yield (6.00%) > Coupon (5.00%) — bond priced below par
$925.61
92.56% of par
$925.61
Clean Price
6.0000%
YTM
5.4018%
Current Yield
$25.00
Coupon/Period
Clean Price · Dirty Price · Accrued Interest
$925.61
Clean Price (Quoted)
$0.00
Accrued Interest
$925.61
Dirty Price (Invoice)
The dirty price is what you actually pay when buying between coupon dates.
Duration — Interest Rate Sensitivity
Modified duration 7.67yr: if yield rises 1%, price falls roughly 7.67%. Macaulay duration: 7.89yrs.
Bond Price vs Yield — Sensitivity Curve
Coupon Payment Schedule
| Period | Coupon Payment | Principal | Total Cash Flow | PV of Cash Flow | Cumulative PV |
|---|---|---|---|---|---|
| Period 1 | $25.00 | — | $25.00 | $24.27 | $24.27 |
| Period 2 | $25.00 | — | $25.00 | $23.56 | $47.84 |
| Period 3 | $25.00 | — | $25.00 | $22.88 | $70.72 |
| Period 4 | $25.00 | — | $25.00 | $22.21 | $92.93 |
| Period 5 | $25.00 | — | $25.00 | $21.57 | $114.49 |
| Period 6 | $25.00 | — | $25.00 | $20.94 | $135.43 |
| Period 7 | $25.00 | — | $25.00 | $20.33 | $155.76 |
| Period 8 | $25.00 | — | $25.00 | $19.74 | $175.49 |
| Period 9 | $25.00 | — | $25.00 | $19.16 | $194.65 |
| Period 10 | $25.00 | — | $25.00 | $18.60 | $213.26 |
| Period 11 | $25.00 | — | $25.00 | $18.06 | $231.32 |
| Period 12 | $25.00 | — | $25.00 | $17.53 | $248.85 |
| Period 13 | $25.00 | — | $25.00 | $17.02 | $265.87 |
| Period 14 | $25.00 | — | $25.00 | $16.53 | $282.40 |
| Period 15 | $25.00 | — | $25.00 | $16.05 | $298.45 |
| Period 16 | $25.00 | — | $25.00 | $15.58 | $314.03 |
| Period 17 | $25.00 | — | $25.00 | $15.13 | $329.15 |
| Period 18 | $25.00 | — | $25.00 | $14.68 | $343.84 |
| Period 19 | $25.00 | — | $25.00 | $14.26 | $358.09 |
| Period 20 | $25.00 | $1,000.00 | $1,025.00 | $567.52 | $925.61 |
Bond Pricing Formula Explained
A bond's fair price is nothing more than the present value of everything it will pay you: every coupon between now and maturity, plus the face value returned when the bond matures. Discount each of those future amounts back to today at the market yield and add them up — that sum is the price. For the timing side of that math, see our present value calculator, and for a related fixed-return product see our CD calculator.
P = Σ[C/(1+r)^t] + F/(1+r)^n
- P = Bond price
- C = Coupon payment per period
- r = Yield per period
- N = Total number of periods
- F = Face value (par value)
When the coupon rate equals the market yield, the bond prices exactly at par. When yield exceeds the coupon, the bond trades at a discount below par; when the coupon exceeds yield, it trades at a premium above par.
Bond Pricing Examples
| Scenario | Face Value | Coupon | YTM | Term | Bond Price | Status |
|---|---|---|---|---|---|---|
| At Par | $1,000 | 5% | 5% | 10yrs | $1,000 | At Par |
| At Discount | $1,000 | 5% | 7% | 10yrs | $859.53 | Discount (-14%) |
| At Premium | $1,000 | 7% | 5% | 10yrs | $1,154.43 | Premium (+15.4%) |
| Zero-Coupon | $1,000 | 0% | 5% | 10yrs | $613.91 | Deep Discount |
| Short-Term | $1,000 | 5% | 6% | 2yrs | $981.57 | Discount (-1.8%) |
Yield to Maturity (YTM) vs Other Yield Measures
| Yield Measure | Formula | Best Used For |
|---|---|---|
| Nominal Yield | Annual Coupon / Face Value | Quick reference — equals the coupon rate |
| Current Yield | Annual Coupon / Market Price | Income relative to current price |
| Yield to Maturity | Discount rate = NPV of all cash flows to price | Total return if held to maturity |
| Yield to Call (YTC) | Same as YTM but to call date | Callable bonds — if called early |
| Yield to Worst (YTW) | Lowest of YTM and all YTC values | Worst-case return on callable bonds |
— FAQ