Inputs
FV
Default 1000
%
Percent per year
%
Percent per year
yrs
Time remaining
Choose coupon frequency
Example bonds
| Label | FV | Coupon % | YTM % | Years | Freq | Load |
|---|---|---|---|---|---|---|
| 5Y 5% at 4% semi | 1000 | 5 | 4 | 5 | 2 | |
| 10Y 3% at 3.5% semi | 1000 | 3 | 3.5 | 10 | 2 | |
| 2Y Zero at 6% annual | 1000 | 0 | 6 | 2 | 1 |
Results
Clean Price
—
Accrued Interest
—
Dirty Price
—
Periods (N)
—
| Input | Value |
|---|
Price vs Yield Curve
Curve is computed holding other inputs constant. Useful for visualizing interest rate risk.
Cash Flow Schedule
| Period | Cash Flow | Discount Factor | PV of Cash Flow |
|---|---|---|---|
| Total PV (Clean Price) | — | ||
Formula used
The clean price is the present value of all remaining coupons plus redemption value, discounted at the yield to maturity with compounding at the coupon frequency:
P = Σt=1..N (C/f) / (1 + y/f)t + F / (1 + y/f)N
Where:
F = Face value
C = Annual coupon rate × F
y = Annual yield to maturity (as decimal)
f = Payments per year (1, 2, 4, 12)
N = Number of remaining payment periods = round(years × f)
Accrued Interest (approx):
AI = (C/f) × (days since last coupon / days in coupon period)
Dirty Price = Clean Price + Accrued Interest
This calculator assumes level coupons, no default risk, and ignores taxes, call features, and day-count conventions beyond the simple AI approximation.
How to use
- Enter face value, annual coupon rate, yield to maturity, years to maturity, and payment frequency.
- Optional: tick Include Accrued Interest and provide days since last coupon and days in period.
- Click Calculate to see clean price, accrued interest, dirty price, and the number of periods (N).
- Review the cash flow schedule and the price–yield curve to understand sensitivity.
- Export results or examples via CSV or PDF using the buttons provided.
Tip: For zero-coupon bonds set coupon rate to 0 and choose the appropriate frequency and years.
FAQs
When coupon rate exceeds yield the bond trades at a premium; when coupon rate is below yield it trades at a discount. If equal the price is about face value (ignoring AI).
Clean price excludes accrued interest. Dirty price includes it. Exchanges often quote clean prices while settlement amounts use dirty price.
Most government and corporate bonds pay semiannually. Some pay quarterly or monthly. Match the actual coupon schedule; frequency affects discounting and price.
Yes in some markets. The formula still works with negative yields but interpret results carefully as present values can exceed redemption by a large margin.
It is a simple straight‑line estimate. Professional systems use day‑count conventions like 30/360 or Actual/Actual; results may differ slightly.
No. It assumes a bullet bond with fixed coupons and a single redemption at maturity. For callable or amortizing structures a different model is required.
Duration is the slope of the price–yield curve at the current yield and convexity is the curvature. They summarize rate sensitivity but are not explicitly computed here.