Bond yield calculator.

How the yield is solved

With n coupon periods left, periodic coupon c and face value F, a bond’s price at periodic yield y is P = c × [1 − (1 + y)⁻ⁿ] ÷ y + F × (1 + y)⁻ⁿ. There is no closed-form solution for y, so the page searches for the y that reproduces your price. The reported yield to maturity is y × payments per year (bond-equivalent yield); the effective annual yield is (1 + y)^{payments per year} − 1. Yield to call uses the same equation with the call price in place of face value and the years to call in place of the years to maturity.

Tax-equivalent yield = yield ÷ (1 − tax rate): the taxable yield that leaves you with the same after-tax return as the tax-free bond.

Worked example

A $1,000 bond with a 5% semi-annual coupon, 10 years left, priced at $950: current yield is $50 ÷ $950 = 5.26% and yield to maturity is 5.66% (effective annual 5.74%). If it can be called at $1,020 in five years, the yield to call is 6.53%. At a 24% tax rate, a 5.66% tax-free yield matches a taxable 7.45%. The form is preloaded with this example.

What this page does not do

• The price is treated as the clean price on a coupon date, with no accrued interest, settlement-day conventions or day counts, so it will not match a broker’s figure exactly between coupon dates.
• It assumes the issuer pays every coupon and the principal, and that coupons are reinvested at the yield. It says nothing about credit risk.
• Yield to call is shown only for the single call date and price you enter, not the worst-case yield over a call schedule.

For definitions of bond terms, see the U.S. SEC Investor.gov glossary entry on yield to maturity (read October 4, 2026). The maths above has no yearly rates to go stale.