Bond Yield Calculator
Calculate bond yield to maturity (YTM), current yield, duration, and convexity. Analyze bond pricing and risk metrics.
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Last updated: January 2026
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Frequently Asked Questions
What is yield to maturity (YTM)?
YTM is the total return you'll earn if you hold a bond until it matures, including all coupon payments and any capital gain or loss. It accounts for the bond's price, coupon, and time to maturity.
What's the difference between current yield and YTM?
Current yield is simply annual coupon divided by price (e.g., $50 coupon / $950 price = 5.26%). YTM is more comprehensive, including the gain when a $950 bond matures at $1,000.
Why do bond prices fall when interest rates rise?
When new bonds offer higher rates, existing bonds with lower rates become less attractive. Investors pay less for them. A bond paying 3% falls in price when new bonds pay 5%.
What is bond duration and why does it matter?
Duration measures how sensitive a bond's price is to interest rate changes. A duration of 5 years means a 1% rate increase causes roughly a 5% price drop. Longer duration = higher rate risk.
What are premium and discount bonds?
Premium bonds trade above face value when their coupon exceeds market rates. Discount bonds trade below face value when their coupon is lower than market rates. At maturity, both return face value.