Bond Calculator

A bond calculator finds a fixed-rate bond’s price, face value, coupon rate, or yield to maturity from the other three, and can price a zero-coupon bond as a discounted lump sum. A separate pricing mode splits clean price, dirty price, and accrued interest for a settlement date that falls between coupon dates.

Enter the bond price, face value, coupon rate, yield, coupon frequency, and settlement and maturity dates, and the calculator returns the missing value along with a period-by-period cash flow table showing every coupon payment and its present value.

This calculator is designed for fixed-rate bonds. It does not account for credit risk, taxes, liquidity, call or put features, sinking funds, or changes in market supply and demand.

A bond with a $1,000 face value, a 4.5% annual coupon, and 7 years to maturity, priced to yield 5.5%, is worth about $943.17 today. Because the coupon rate is below the yield to maturity, the bond trades at a discount to face value, and the cash flow table shows all 7 coupon payments of $45 plus the $1,000 principal at maturity.

For a zero-coupon bond, switch to the Zero-coupon preset: the same $1,000 face value and 5.5% yield over 7 years prices at about $687.44, a discount of $312.56, since a zero-coupon bond pays no periodic interest and its entire return comes from buying below face value. The Bond Pricing Calculator mode works the same way for a Treasury bond or any other fixed-rate bond priced between coupon dates, splitting the quoted clean price from the dirty price you actually pay at settlement.