Price a fixed-rate coupon bond, or solve for face value, yield, coupon, or time to maturity. On a coupon date, enter any four of the five bond terms. For a trade that settles between coupon dates, use the Pricing tab for dirty price, clean price, and accrued interest.
Formula
On a coupon date the price is the present value of remaining coupon payments plus the present value of face value, discounted at the periodic yield:
P = C × (1 − (1+r)^−N) / r + F / (1+r)^N
C is the coupon per period (annual coupon ÷ frequency), r is the yield per
period (annual yield ÷ frequency), N is the number of remaining periods
(years × frequency), and F is face value. When yield is 0, that collapses to
P = C × N + F.
Between coupon dates, accrued interest is the current period's coupon times the fraction of the period already elapsed (using your day-count). Dirty price carries the last coupon-date price forward at the periodic yield; clean price is dirty minus accrued.
accrued = C × (days since last coupon / days in period)
dirty = P_last × (1 + r)^(days / period)
clean = dirty − accrued
Time to maturity on the Coupon date tab must cover a whole number of coupon periods. For an off-cycle settlement date, use the Pricing tab.
Default $100 face · 5% coupon · 6% yield · 3 years
| Frequency | Price (coupon date) |
|---|---|
| Annually | $97.3270 |
| Semiannually | $97.2914 |
| Quarterly | $97.2731 |
| Monthly | $97.2607 |
The worked textbook case — $1,000 face, 5% coupon, 6% yield, 10 years, semiannual — prices at $925.6126.
Examples
Solve for price on a coupon date
A $100 face bond with a 5% annual coupon, 6% yield, and 3 years to maturity (annual coupons) is worth $97.3270. Leave Price blank and fill in the other four fields.
Dirty and clean prices between coupon dates
The same bond, settlement September 9, 2026 and maturity September 5, 2029, 30/360, has accrued 4 days of interest ($0.0556). Dirty price is $97.3900 and clean price is $97.3345.
Solve for yield from a known price
Enter price $90 with the default face, coupon, and term. Annual yield is 8.9467% — above the 5% coupon because the bond is trading at a discount.