This calculator solves for price given maturity, coupon and yield. Or it solves for yield, given coupon maturity and price. You select yield or price via the input toggle. This is useful to help understand the dynamics of bond values and will help your investing in specific bonds like treasuries, corporate or munis.
The Bond Calculator solves for a bond's price given its maturity, coupon, and yield — or, using the input toggle, solves for yield given the coupon, maturity, and price. It's meant to help you understand how those variables interact for a specific bond you're considering.
Solving for price tells you what a bond is worth today given a target yield, while solving for yield tells you the return you'd earn at a given price. Toggling between the two lets you check the same bond from whichever direction matches the information you already have.
It works for any bond priced off maturity, coupon, and yield, including treasuries, corporate bonds, and municipal bonds ("munis"). The math is the same across these; what differs is the yield and risk you'd expect for each type.
A bond's coupon payments are fixed, so when market yields rise, a bond's fixed payments become less attractive relative to new bonds, and its price has to fall to make its effective yield competitive — and the reverse when yields fall.
The Fixed Income Dashboard shows benchmark interest rates you can use as reference points, while Portfolio Valuation and the CLO Rating Calculator help you look at fixed-income risk from other angles.
