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Bond Calculator

Find a bond's price, yield to maturity, years to maturity or coupon, and its dirty and clean price between coupon dates.

Change the values and press Calculate to work out your own figures.

Price from yield

Enter the face value, coupon, yield and years.

Paid back at maturity (par).
A percent of face value, or an amount a year.
How the coupon is given.
How often the coupon is paid.
The market's yearly yield.
Time left until the face value is repaid.
Changes how amounts are shown, not the math; your choice is remembered on this device.
Result
Bond price
$97.3270
Per 100 of face value
97.327
Current yield
5.1373%
Discount
$2.6730

At a 6% yield the bond is worth $97.3270 (coupons yearly).

Show the working
  1. price = coupon ÷ f × (1 − (1 + y/f)^−n) ÷ (y/f) + face × (1 + y/f)^−n, n = years × f

Yield from price

Enter the face value, coupon, price and years.

Paid back at maturity (par).
A percent of face value, or an amount a year.
How the coupon is given.
How often the coupon is paid.
What the bond costs now.
Time left until the face value is repaid.
Changes how amounts are shown, not the math; your choice is remembered on this device.
Result
Yield to maturity
6%
Current yield
5.1373%
Approximate YTM
5.9708%

Bought at $97.3270 and held to maturity, the bond yields 6% a year.

Show the working
  1. yield: the rate at which the coupons and face value are worth the price (solved by bisection)
  2. approximate YTM = (coupon + (face − price) ÷ years) ÷ ((face + price) ÷ 2)

Years from price and yield

Enter the face value, coupon, price and yield.

Paid back at maturity (par).
A percent of face value, or an amount a year.
How the coupon is given.
How often the coupon is paid.
What the bond costs now.
The market's yearly yield.
Changes how amounts are shown, not the math; your choice is remembered on this device.
Result
Years to maturity
3 years
Coupon payments left
3

At $97.3270 and a 6% yield, the bond has 3 years left.

Show the working
  1. solve price = PV(coupons) + PV(face) for n

Coupon from price and yield

Enter the face value, price, yield and years.

Paid back at maturity (par).
How often the coupon is paid.
What the bond costs now.
The market's yearly yield.
Time left until the face value is repaid.
Changes how amounts are shown, not the math; your choice is remembered on this device.
Result
Annual coupon rate
5%
Coupon a year
$5.0000
Each payment
$5.0000

A 5% coupon prices the bond at $97.3270.

Show the working
  1. coupon = (price − face × v^n) × i ÷ (1 − v^n), v = 1 ÷ (1 + i)

Between coupon dates

Enter the bond, its maturity and your settlement date.

Paid back at maturity (par).
A percent of face value, or an amount a year.
How the coupon is given.
How often the coupon is paid.
The market's yearly yield.
When the face value is repaid.
When you buy the bond.
How accrued days are counted.
Changes how amounts are shown, not the math; your choice is remembered on this device.
Result
Dirty price
$97.3900
Clean price
$97.3345
Accrued interest
$0.0556
Days of interest accrued
4
Last coupon
29 September 2026
Next coupon
29 September 2027
Coupons left
3

Settling on 3 October 2026, you pay $97.3900: $97.3345 clean plus $0.0556 accrued (30/360).

Show the working
  1. accrued fraction a = days since the last coupon ÷ days in the period
  2. dirty = Σ CF ÷ (1 + y/f)^(k − 1 + (1 − a))
  3. clean = dirty − coupon × a

How to use it

Enter the face value, coupon, yield and years. Enter the face value, coupon, price and years. Enter the face value, coupon, price and yield. Enter the face value, price, yield and years. Enter the bond, its maturity and your settlement date.

Enter amounts without commas or with them; rates are percentages (5 for 5%). Negative amounts are allowed where a sign means money paid out.

Key facts

price = Σ coupon ÷ (1 + y/f)^k + face ÷ (1 + y/f)^(n·f)
current yield = annual coupon ÷ price
between coupons: dirty = Σ CF ÷ (1 + y/f)^(k − 1 + w), w = 1 − accrued fraction; clean = dirty − accrued interest

Clean and dirty prices

Between coupon dates a buyer also pays the seller's share of the next coupon, the accrued interest. The dirty price includes it; the clean price, as quoted, does not.

Questions

What is a $100 bond with a 5% coupon worth at a 6% yield with 3 years left?

$97.3270, paid yearly.

Why is the clean price not the coupon-date price?

The dirty price grows at the yield between coupons; taking out the straight-line accrued interest leaves a clean price slightly above the coupon-date price.

Reviewed by RK Calculator Team. Updated 2026-09-26.

Formulas

price = Σ coupon ÷ (1 + y/f)^k + face ÷ (1 + y/f)^(n·f)
current yield = annual coupon ÷ price
between coupons: dirty = Σ CF ÷ (1 + y/f)^(k − 1 + w), w = 1 − accrued fraction; clean = dirty − accrued interest

Sources

Limitations

  • Results are estimates for planning, not offers or financial advice; lenders and banks may round, count days or time payments differently.
  • Rates are nominal annual rates compounded as you choose; payments at a different frequency use the equivalent periodic rate.

Formula version 0.1.0Reviewed