Bond Pricing Calculator
Calculate bond price, yield to maturity, accrued interest, clean price and dirty price.
Bond Parameters
Enter exactly four values. Leave the value you want to calculate blank.
Results
Bond Value Components
Summary
Pricing Parameters
Calculate the bond’s theoretical dirty price, clean price and accrued interest between coupon dates.
Pricing Results
Price Composition
Summary
Understanding Bond Pricing
Bond price is the present value of the bond’s future coupon payments and principal repayment. In general, bond prices move inversely to market yields.
- Face Value: Principal repaid at maturity.
- Coupon Rate: Annual coupon interest as a percentage of face value.
- Yield to Maturity: Annualized return implied by the bond’s price and cash flows.
- Clean Price: Bond price excluding accrued coupon interest.
- Dirty Price: Clean price plus accrued interest.
- Accrued Interest: Coupon interest earned since the previous coupon date.
Basic pricing formula: Price = Σ[C/(1+r)t] + [F/(1+r)n], using the selected coupon frequency for periodic calculations.
Free Online Bond Calculator
Use the 5iTech Bond Calculator to estimate bond value, bond price, yield to maturity (YTM), coupon rate, face value, and years to maturity. The pricing calculator also estimates clean price, dirty price, and accrued interest for bonds between coupon payment dates.
How to Use the Bond Calculator
- Open Basic Bond Calculator to solve for one missing bond value.
- Enter any four known values: face value, coupon rate, years to maturity, YTM, or bond price.
- Click Calculate Bond Value.
- Use Bond Pricing Calculator for clean price, dirty price, and accrued interest.
- Review the calculated result and supporting bond information.
What Is Bond Price?
A bond price represents the present value of expected future coupon payments and principal repayment. Generally, when market yields increase, existing bond prices decrease, while lower yields tend to increase existing bond prices.
What Is Yield to Maturity?
Yield to maturity (YTM) is the annualized rate that relates a bond’s market price to its expected coupon payments and repayment of principal at maturity, subject to the assumptions used in the calculation.
Clean Price, Dirty Price and Accrued Interest
Clean price excludes accrued coupon interest. Dirty price includes accrued interest. Accrued interest represents the coupon interest earned since the previous coupon payment date.
Bond Calculator FAQs
What can this bond calculator calculate?
It can estimate bond price, yield to maturity, face value, coupon rate, years to maturity, clean price, dirty price, and accrued interest depending on the selected calculator mode.
What is the difference between clean and dirty bond price?
Clean price excludes accrued interest, while dirty price includes accrued interest.
What is accrued interest on a bond?
Accrued interest is the coupon interest accumulated from the last coupon payment date up to the settlement or pricing date.
Does bond price move opposite to yield?
Generally, yes. Holding other factors constant, bond prices and market yields move in opposite directions.
Is this bond calculator free?
Yes. The 5iTech Bond Calculator is available as a free online calculation tool.
Disclaimer: Results are estimates and should not be treated as investment advice. Actual bond pricing can depend on market conditions, credit risk, liquidity, taxes, transaction costs, settlement conventions, and other factors.