Please enter any four values into the fields below to calculate the remaining value of a bond. This calculator is for bonds issued/traded at the coupon date.
• Standard Mode: Solves for any 1 of 5 key bond variables (Price, Face Value, YTM, Time to Maturity, or Annual Coupon) for bonds evaluated exactly on coupon dates.
• Bond Pricing Mode: Calculates dirty invoice price, flat clean price, accrued interest, and accrued days between coupon settlement dates using institutional day-count conventions (30/360, Actual/Actual).
Select which variable to solve for, or enter any four values to calculate the fifth.
Given the face value ($100.00), yield (6.00%), time to maturity (3.00 yrs), and annual coupon ($5.00), the price is: $97.3270.
Bonds are debt instruments paying periodic interest coupons and returning par value at maturity. When traded between coupon payment dates, understanding accrued interest and pricing conventions is essential.
The Clean Price is the flat quoted price excluding accrued interest. The Dirty Price (invoice price) is what the buyer actually pays: Dirty Price = Clean Price + Accrued Interest.
Corporate and municipal bonds in the US typically use the 30/360 convention, whereas US Treasury bonds strictly use Actual/Actual to compute the exact proportion of elapsed coupon days.
YTM represents the total internal rate of return (IRR) anticipated on a bond if held until maturity, assuming all coupon payments are reinvested at the same rate.
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