Calculator Tools
Bond Yield Calculator
Solve a bond's yield to maturity, yield to call, current yield, and price from yield. Modified duration, BEY, EAY, and a price sensitivity table.
Quick presets
Presets seed realistic example numbers. Replace with the actual figures from your bond's prospectus, brokerage quote, or trade ticket before relying on the result.
Bond inputs
US corporates and Treasuries quote in $1,000 par. Munis often $5,000.
Use 0 for a zero-coupon bond.
Semi-annual is the US Treasury and corporate convention.
Current market price
Bonds are quoted in % of par on most brokerage tickers (e.g. 98.5 means $985 on a $1,000 par bond). Use clean price; the calculator does not add accrued interest.
Callable bonds let the issuer redeem early at a fixed call price. When the bond trades at a premium, YTC is usually lower than YTM: yield-to-worst is the smaller of the two.
Headline yields
Yield to maturity (BEY)
5.662%
EAY 5.742%
Current yield
5.263%
Annual coupon income / current price
Price (% of par)
95.000%
Trading at a discount
YTM (effective annual)
5.742%
Compounded across the year
Price sensitivity (current yield bumped by basis points)
| Yield (BEY) | Price | % of par |
|---|---|---|
| 3.662% | $1,111.22 | 111.122% |
| 4.662% | $1,026.80 | 102.680% |
| 5.162% | $987.49 | 98.749% |
| 5.662% | $950.00 | 95.000% |
| 6.162% | $914.23 | 91.423% |
| 6.662% | $880.09 | 88.009% |
| 7.662% | $816.39 | 81.639% |
Bond prices move inversely to yields. The row highlighted in blue is the current yield from the inputs above.
Bond yields, in plain English
- Yield to Maturity (YTM): the single discount rate that makes the present value of every remaining coupon plus the face at maturity equal to the bond's current price. The annualized number quoted by most US dealers is the Bond Equivalent Yield (BEY), which is the periodic yield multiplied by the number of coupon periods per year.
- Current Yield:the simple annual coupon income divided by the current price. It ignores any gain or loss between today's price and the eventual face value, so it overstates the return on premium bonds and understates it on discount bonds.
- Yield to Call (YTC): the YTM computed assuming the issuer redeems the bond at the call price on the first call date. Issuers tend to call premium bonds when rates fall, so YTC is often the relevant number for premium callable bonds; conservative investors quote yield to worst.
- Price and yield move inversely: when rates rise, existing bonds with lower coupons are worth less, so prices fall and the YTM at the new price is higher. The sensitivity table above shows the move at common basis-point bumps.
- Bond Equivalent Yield vs. EAY: BEY uses simple multiplication of the periodic yield by the payment frequency. EAY (effective annual yield) compounds the same periodic yield across the year. A bond with a 4% semi-annual yield is quoted as 8% BEY and (1.04)^2 - 1 = 8.16% EAY.
- Duration:Macaulay duration is the cash-flow-weighted average time to receive a bond's cash flows, in years. Modified duration converts that into an approximate percent price change per 1 percentage point yield change. A modified duration of 7 means a 1 percentage point rise in yield drops the price by roughly 7 percent.
- Clean vs. dirty price: this tool uses clean price, with no accrued interest from the last coupon date. Brokerage quotes also use clean prices; the settlement total adds accrued interest separately on the trade ticket.
- Premium, par, discount: when YTM is below the coupon rate, the bond trades above par (premium). When YTM equals the coupon rate, the bond trades at par. When YTM is above the coupon rate, the bond trades below par (discount).
Computed in your browser. Not investment, tax, or legal advice. Yields shown are nominal; for tax-equivalent yield on municipal bonds, factor in your marginal rate separately.
How to use
- Pick a preset (US Treasury 10y, corporate discount, callable premium, municipal, zero-coupon, or price from yield) to seed realistic inputs, or fill in your own from a brokerage quote or prospectus.
- Choose a mode at the top: Yield from price solves YTM given the market price; Price from yield solves the clean price given a required yield.
- Enter face (par) value, coupon rate, years to maturity, and the payment frequency (annual, semi-annual, quarterly, or monthly). Use 0 for a zero-coupon bond.
- In Yield from price mode, type the market price in currency or as a percent of par; the two fields stay in sync. In Price from yield mode, type the required Bond Equivalent Yield.
- Toggle Add a call to compute Yield to Call and Yield to Worst for callable bonds, then enter the call price and years to call.
- Read YTM (BEY and EAY), current yield, modified duration, the price sensitivity table, and the cash flow totals. Use Copy summary to share or save the full result.
About this tool
Bond Yield Calculator solves the four canonical fixed-income questions for a fixed-rate coupon bond entirely in your browser. Yield to Maturity (YTM) is the single discount rate that makes the present value of every remaining coupon plus the face value at maturity equal to the bond's current clean price, computed with Newton-Raphson on the closed-form annuity-plus-PV equation and reported as both the Bond Equivalent Yield (BEY) most US dealers quote and the Effective Annual Yield (EAY) needed when comparing across compounding cadences. Yield to Call (YTC) re-runs the same solver with the call price replacing face and the first call date replacing maturity, which is the relevant yield to quote on a premium callable bond, and the result panel surfaces yield to worst as the smaller of YTM and YTC. Current Yield is the simple annual coupon income divided by the current price; it ignores any pull-to-par gain or loss, so it overstates returns on premium bonds and understates them on discount bonds. Switch the mode toggle to Price from yield to solve the inverse problem: enter a required BEY and the tool returns the clean price that produces exactly that yield, useful when you are pricing a new issue or evaluating a quote against your reservation yield. Inputs cover face value (US Treasuries and corporates use $1,000 par, municipal bonds typically $5,000), annual coupon rate (set to 0 for a zero-coupon bond), years to maturity, payment frequency (annual, semi-annual, quarterly, or monthly), and the current market price typed in currency or as a percent of par with two-way sync between the two fields. Currency formatting supports USD, EUR, GBP, CAD, AUD, JPY, INR, and TRY via Intl.NumberFormat for display only with no FX conversion. The result panel also shows Macaulay duration and modified duration in years, the approximate dollar price change for a 1 basis point yield move, the annual and lifetime coupon income, the total proceeds at maturity, and a sensitivity table that re-prices the bond at common basis-point yield offsets so you can see the inverse price-yield relationship at a glance. Six built-in presets cover the most common scenarios: a 10-year US Treasury note, a 5-year investment-grade corporate at a discount, a 10-year callable corporate at a premium with a 3-year call, a 20-year municipal bond, a 5-year zero-coupon bond at a deep discount, and a price-from-yield exercise on a 10-year 5% coupon bond at 6% required yield. Useful for finance students learning the YTM equation, fixed-income desk analysts sanity-checking a quote, retail investors evaluating a bond at a brokerage, advisors comparing two bonds at different prices and coupons, and anyone running tax-equivalent yield calculations on municipal bonds (factor your marginal rate in separately, this tool reports nominal yields). The math is exact closed-form annuity plus present value of face, with Newton-Raphson plus bisection fallback on a sign-bracketed interval for the yield solver, the same hardened pattern used elsewhere on this site. Bond prices, yields, and call details stay in your browser and are not uploaded. This calculator uses clean price (no accrued interest), which is the convention every brokerage quote uses; settlement totals add accrued interest separately on the trade ticket. Not investment, tax, or legal advice.
Free to use. Works in your browser. No signup, no login.
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