Bond Price Calculator
Price a bond by discounting its coupons and face value at the market yield.
About the Bond Price Calculator
Enter the face value, coupon rate, years to maturity, coupon frequency and the market yield. The calculator gives the bond's price and current yield.
A bond's price is the present value of its future coupons and final repayment. When market yields rise, existing bonds' prices fall, and vice versa.
The formula
Price = C × (1 − (1 + y)⁻ⁿ) ÷ y + F × (1 + y)⁻ⁿ
- C
- coupon per period
- y
- yield per period
- n
- number of periods
- F
- face value
Worked example
A 1,000 bond, 5% coupon paid twice a year, 10 years, 6% market yield
- Present value of 20 coupons of 25 and the 1,000 at the end
- Price: 925.61, below face value
- Current yield: 5.402%
Questions people ask
Is this the clean or dirty price?
The clean price on a coupon date; between coupons, accrued interest is added.
Why do long bonds move more?
More of their value is far in the future, so it's more sensitive to the discount rate.