Bond Yield to Maturity Calculator

Calculate YTM, current yield, and total return for any bond. Supports premium, par, and discount bonds.

Bond Details

Face Value (Par Value) Typically $1,000 per bond

Annual Coupon Rate (%) Annual interest rate stated on bond

Current Market Price ($) What you pay today for the bond

Years to Maturity Time until face value is returned

Coupon Frequency

Accrued Interest ($) Optional: dirty price adjustment

YTM is the total annualized return if you buy the bond today and hold it until maturity, assuming all coupon payments are reinvested at the same rate.
Current yield = annual coupon / current price. Simpler but ignores capital gain/loss at maturity.
Premium bond: Price > Face value. This happens when the coupon rate > market rates. YTM < coupon rate.
Discount bond: Price < Face value. Coupon rate < market rates. YTM > coupon rate.
Par bond: Price = Face value. YTM = coupon rate.

Face value: $1,000 | Coupon rate: 4.5% | Years: 10 | Semi-annual coupons
If trading at $950 (discount) → YTM ≈ 5.08% (higher than coupon because you gain $50 at maturity)
If trading at $1,050 (premium) → YTM ≈ 3.96% (lower than coupon because you lose $50 at maturity)
Corporate bonds add a credit spread on top of the equivalent Treasury YTM