Calculate bond prices based on yield and terms.
Par value of the bond at maturity
Please enter a valid face value
Annual coupon rate as percentage of face value
Please enter a valid coupon rate
Market yield or required rate of return
Please enter a valid yield
Time until bond matures
Please enter a valid maturity period
How often coupon payments are made
Bond price is the present value of all future cash flows (coupons + principal).
When yield > coupon rate, bond trades at discount (below par).
When yield < coupon rate, bond trades at premium (above par).
Bond Price
of par value
Trading above par - yield < coupon rate Trading below par - yield > coupon rate Trading at par - yield = coupon rate
P = Bond Price
C = Coupon Payment
r = Required Yield (per period)
t = Time period
F = Face Value
n = Number of periods
Macaulay Duration: Weighted average time to receive cash flows
Modified Duration: Price sensitivity measure
Formula: Modified Duration = Macaulay Duration ÷ (1 + yield/frequency)
Price Change ≈ -Modified Duration × Yield Change
Yield > Coupon Rate
Price < Face Value
Capital appreciation at maturity
Yield = Coupon Rate
Price = Face Value
No capital gain/loss
Yield < Coupon Rate
Price > Face Value
Capital loss at maturity
Save your calculations and get detailed breakdowns
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