Bond calculator: price, yield & duration
Use actual settlement and maturity dates to solve price, yield, coupon, redemption or maturity date, with accrued interest, dirty price, duration and modified duration. Or work in years to maturity. Not a Texas Instruments product and not affiliated with TI.
Fill in four values and press CPT next to the one you want.
$
What the bond costs today (in dollars, for the face value below).%
The annual return if held to maturity, compounded at the coupon frequency.%
Annual coupon interest as a % of face value.$
The amount repaid at maturity, usually $1,000.yrs
Time left until the bond repays, measured from a coupon date.How often coupons are paid. Most US bonds pay twice a year.
Yield to call
$
What the issuer pays if it calls the bond (often face value plus one year's interest).yrs
Time until the bond can first be called.%
Annual yield if the issuer calls the bond on the first call date, compounded at the coupon frequency.Price (computed)$925.61Discount bond
Yield to maturity6.00%
Coupon rate5.00%$25.00 every coupon, 20 coupons
Face value$1,000.00
Years to maturity10.00 years
Current yield5.40%Annual coupon ÷ price
Macaulay duration7.89 yearsWeighted-average time to the cash flows
Modified duration7.67+1% in yield ≈ −7.67% in price
YTM at this price6.00%Updates as you change the price
Formula and steps
1
Coupon per period, periodic yield and number of periods (f = 2 coupons per year)
C = F × cf = 1,000.00 × 0.05002 = 25.00; r = YTMf = 3.0000%; N = n × f = 20
2
Price: present value of the coupons (an annuity) plus the present value of the face value
P0 = C × 1 − (1 + r)−Nr + F(1 + r)N= 25.00 × 14.8775 + 1,000.001.03000020 = $925.61
3
Current yield: annual coupon divided by price
CY = C × fP0 = 50.00925.61 = 5.40%
Bought between coupon dates? Use the Settlement & maturity dates tab, which adds accrued interest and the exact day count.
About this calculator
Price a bond from its yield, or find the yield to maturity (YTM) from its price. Work with exact settlement and maturity dates (as in Excel's PRICE and YIELD functions) or simply years to maturity. For callable bonds, the yield to call (YTC) and yield to worst show the return if the issuer redeems early.
Formula
P0 = Σt=1N C(1 + r)t + F(1 + r)N, with C = F × cf and r = YTMf; for YTC, use the call price and the periods to the first call
- A bond trading above par usually has YTC below YTM, so the call is the worse case for you.
- Dirty price = clean price + accrued interest; quoted prices are clean.
- Modified duration estimates the % price change for a 1% change in yield.
Rate this calculator
Tap a star