Estimate a fixed-coupon bond’s value and income. Calculate its price from face value, coupon rate, yield, and time to maturity, or estimate clean price, accrued interest, and dirty price on a settlement date.
This tool models fixed-rate coupon bonds. It does not include issuer default risk, fees, market liquidity, or local tax rules. Bond-market conventions can differ; confirm the method with your broker.
Estimated bond value
Settlement price estimate
Bond payment schedule
The schedule follows the coupon-date value calculator. It discounts each remaining coupon and the face value using the entered yield.
| Payment | Coupon | Present value |
|---|---|---|
| Calculate the bond value to see its projected payments. | ||
How bond pricing works
A fixed-coupon bond’s estimated value is the present value of its future coupon payments plus repayment of face value at maturity. Each future payment is discounted using the yield to maturity and coupon frequency. When market yields rise above a bond’s coupon rate, its price generally falls below face value; when yields fall below the coupon rate, its price generally rises above face value.
What is the difference between clean and dirty price?
The clean price excludes interest accumulated since the last coupon payment. The dirty price includes that accrued interest and is closer to the settlement amount paid by the buyer. Dirty price equals clean price plus accrued interest in this estimate.
What does yield to maturity mean?
Yield to maturity is the annualized rate implied by the bond’s price and expected payments if held to maturity, subject to assumptions. This calculator uses yield as an input to estimate price; it does not solve for yield from a market quote.
Which day-count convention should I choose?
Bond contracts specify how accrued interest days are counted. Common methods include 30/360, Actual/360, Actual/365, and Actual/Actual. The correct choice depends on the issue and market. Confirm the convention before relying on a settlement estimate.
What does this calculator leave out?
This is a fixed-rate model. It does not price floating-rate, callable, inflation-linked, or defaulted bonds, and it does not include brokerage fees, accrued taxes, reinvestment assumptions, market spreads, or credit risk.
Related tools: Investment Calculator · Interest Calculator · Browse all financial calculators