Bond price calculator
The price is the present value of all remaining coupons plus the face value at maturity, discounted at the yield you require.
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Processing and privacy: The result is calculated inside your browser and your data is not sent to any server.
How to use it
- Enter face value, annual coupon rate, annual yield to maturity, years to maturity and coupon frequency.
- The result appears straight away and updates as you edit.
- Copy the result, or copy a link that keeps the same values to share it.
How it is calculated
Price = C × (1 - (1 + i)^-N) ÷ i + F ÷ (1 + i)^N, where C = face × coupon rate ÷ m, i = yield ÷ m, N = years × m, and m = payments per year.
Example
Inputs: Face value = 1,000, Annual coupon rate = 5 %, Annual yield to maturity = 6 %, Years to maturity = 10 years, Coupon frequency = Semiannually (2 per year). Result: Bond price: 925.61; Price as % of face value: 92.561%; Coupon per payment: 25.00.
Limits and caveats
- It prices the bond on a coupon date and does not add accrued interest between coupon dates.
- Callable and floating-rate bonds are not covered.
Questions about this tool
Why does the price fall when the yield rises?
The coupons are fixed, so if investors want a higher yield they must pay a lower price to get it.
What do premium and discount mean?
If the coupon is above the required yield the price is above face value (premium); if below, the price is under face value (discount).
Does it work for zero-coupon bonds?
Yes, enter a coupon rate of 0 and the price becomes the face value discounted at the yield.