Estimate a fixed-rate coupon bond's price, yield to maturity, coupon rate, clean price, dirty price, accrued interest, and payment schedule.
Bond price logicFuture cash flows, discounted today
Bond value depends on coupon payments, maturity value, required yield, timing, day-count rules, credit quality, and whether the bond has special features.
Solve for
Choose the Missing Bond Value
Bond Inputs
Estimated bond price$0
Results update automatically as you edit the inputs.
Annual coupon$0
Coupon payment$0
Total coupons$0
Price vs. parAt par
Formula Used
Price = present value of coupons + present value of face value.
Cash Flow Schedule
Each coupon payment and the principal repayment are discounted back to today at the yield per period.
Coupon Principal
Period
Cash flow
Present value
Discount factor
Settlement pricing
Inputs for Clean and Dirty Price
Dirty price$0
Dirty price includes accrued interest through settlement.
The price of a fixed-rate bond is the present value of its future coupon payments plus the present value of the face value repaid at maturity. If a bond's coupon rate is lower than the market yield, the calculated price usually falls below par. If the coupon rate is higher than the market yield, the price usually rises above par.
The settlement calculator adds the trading-date layer: the buyer compensates the seller for interest earned since the last coupon date. That accrued interest is included in dirty price and excluded from clean price.
Important limits
What This Calculator Does Not Model
Credit risk
The tool discounts promised payments. It does not estimate default probability, credit spread changes, rating migration, or recovery value.
Callable bonds
A callable bond may be redeemed before maturity, so its value can differ from a plain fixed-rate bond with the same coupon and maturity.
Tax treatment
Municipal, Treasury, corporate, and international bonds can have different tax treatment. This page does not calculate tax-equivalent yield.
Market liquidity
Real trade prices can reflect bid-ask spreads, odd-lot size, dealer markup, and market liquidity that a formula does not capture.
Bond Price Formula
Price = sum(C / (1 + r)t) + F / (1 + r)N
C is the coupon payment per period, r is the yield per period, F is face value, and N is the number of periods to maturity. Yield to maturity is solved by finding the rate that makes the present value equal to the bond price.
For settlement pricing, dirty price = clean price + accrued interest. The size of accrued interest depends on the coupon amount, settlement date, previous coupon date, next coupon date, and selected day-count convention.
Practical examples
When This Bond Calculator Is Useful
Checking premium or discount
See whether a bond should trade above or below face value when the coupon rate differs from the required yield.
Estimating yield from a quote
Enter the quoted price, coupon, face value, maturity, and payment frequency to estimate yield to maturity.
Understanding invoice price
Use the settlement tab to separate clean price from accrued interest when a bond trades between coupon dates.
Face value, also called par value, is the principal amount the issuer is scheduled to repay at maturity. Coupon payments are often calculated as a percentage of face value.
What is the difference between coupon rate and yield?
The coupon rate determines the bond's promised interest payments. Yield is the return implied by the bond's price, coupon payments, face value, and time to maturity.
Why can a bond trade below face value?
A bond may trade below face value when the market requires a yield higher than the bond's coupon rate, or when credit, liquidity, or other risks are priced into the bond.
What is accrued interest?
Accrued interest is coupon interest earned since the last coupon date but not yet paid. In a trade, the buyer normally compensates the seller for that accrued amount.
Can this calculate Treasury bond prices exactly?
It provides a simplified fixed-rate estimate. Actual Treasury pricing can involve exact auction terms, settlement rules, quoted price conventions, and official day-count practices.
Can this value zero-coupon bonds?
Yes, set the annual coupon rate to 0%. The price becomes the present value of the face value paid at maturity.
Disclaimer
This calculator is for general informational purposes and simple arithmetic checks. It is not investment advice, tax advice, legal advice, a bond quote, or a recommendation to buy or sell any security. Real bond prices can differ because of credit risk, liquidity, call features, tax rules, settlement conventions, and market conditions. Verify any bond decision with official offering documents, trade confirmations, and a qualified professional.