Yield to maturity calculator

    Enter the price, the coupon and the maturity date of a bond. The calculator gives the yearly return if you buy at that price and keep the bond until it is repaid.

    Your bond

    Enter the terms, or load a bond by its ISIN.

    Fills in the coupon, the maturity and the last price.

    % of face value

    % per year

    The day you pay

    Coupons per year

    BTPs pay twice a year, Bunds and most euro corporate bonds once. The yields on our bond pages use once a year.

    Yield to maturity
    4.418%
    Compounded twice a year
    Current yield
    3.992%
    Coupon ÷ clean price
    Dirty price
    96.502
    Clean price + 1.322 accrued

    Details

    Accrued interestThe coupon earned since the last payment. The buyer pays it to the seller on top of the clean price.
    1.322
    Last coupon date
    1 Jul 2026
    Next coupon
    1 Jan 2027 · 56d
    Coupons left
    20
    Modified durationThe price falls about 7.84% when the yield rises by 1 percentage point.
    7.84 years
    Macaulay durationThe average time until you get your money back, weighted by the value of each payment.
    8.01 years
    Cash receivedAll coupons left plus the 100 repaid at maturity, per 100 of face value.
    138.00
    Gain at maturityThe gap between the 100 repaid at maturity and the clean price you pay.
    4.82

    Cash flows

    Per 100 of face value: what you pay today, each coupon, and the 100 repaid at maturity.

    +50
    0
    −50
    −100
    20282030203220342036
    Show every payment (20)

    Present value: the payment discounted at the 4.418% yield.

    DateCouponPrincipalPresent value
    1 Jan 20271.900—1.887
    1 Jul 20271.900—1.847
    1 Jan 20281.900—1.807
    1 Jul 20281.900—1.768
    1 Jan 20291.900—1.729
    1 Jul 20291.900—1.692
    1 Jan 20301.900—1.655
    1 Jul 20301.900—1.620
    1 Jan 20311.900—1.585
    1 Jul 20311.900—1.550
    1 Jan 20321.900—1.517
    1 Jul 20321.900—1.484
    1 Jan 20331.900—1.452
    1 Jul 20331.900—1.421
    1 Jan 20341.900—1.390
    1 Jul 20341.900—1.360
    1 Jan 20351.900—1.331
    1 Jul 20351.900—1.302
    1 Jan 20361.900—1.274
    1 Jul 20361.900100.0066.832

    What is yield to maturity?

    Yield to maturity (YTM) is the yearly return on a bond that you buy today and keep until the issuer repays it. It counts every coupon that is left and the gap between the price you pay and the 100 you get back. So you can compare bonds with different coupons, prices and maturities on one number.

    A bond that trades below 100 yields more than its coupon, because you also gain the discount at maturity. A bond above 100 yields less than its coupon.

    How the calculator works

    The yield is the rate that makes the value of all future cash flows equal to the price you pay, with the accrued interest:

    clean price + accrued interest = Σ cash flowᵢ / (1 + y / f) ^ tᵢ y yield to maturity f coupons per year tᵢ coupon periods from settlement to payment i

    The calculator solves this for y. The coupon dates step back from the maturity date. Accrued interest uses the ACT/ACT (ICMA) day count, as most European government and corporate bonds do. The yield is compounded once per coupon period, which is the usual way to quote bond yields in Europe. In the last coupon period, with one payment left, the yield is simple: clean price + accrued interest = cash flow / (1 + y × t / f).

    An example

    Take a bond with a 3.8% coupon paid twice a year, which matures on 1 Jul 2036. On 6 Nov 2026 it trades at a clean price of 95.18. The accrued interest is 1.322, so you pay 96.502 per 100 of face value. You get 20 more coupons and 100 at maturity. The yield to maturity is 4.418%, above the 3.8% coupon, because the price is below 100.

    Yield to maturity, coupon and current yield

    • The coupon is the interest the issuer pays each year, in percent of the face value. It stays the same for the life of a fixed-rate bond.
    • The current yield is the coupon divided by the price. It leaves out the gain or loss you make at maturity.
    • The yield to maturity adds that gain or loss, and the timing of each payment.

    Questions

    What is the difference between the clean and the dirty price?

    Brokers and exchanges quote the clean price. When you buy, you also pay the seller the coupon interest earned since the last payment date. The dirty price is the clean price plus that accrued interest.

    Does the calculator work for zero-coupon bonds?

    Yes. Enter 0 as the coupon. The yield then comes only from the gap between the price and 100. To learn how these bonds work, read what are zero-coupon bonds?

    Why is the yield different from the one my broker shows?

    Brokers can use another settlement date, day count or compounding. A change of one day in the settlement date moves the yield of a short bond the most. Check that the coupons per year match the bond.

    What does the calculator leave out?

    It assumes the issuer pays every coupon and repays 100 at maturity. It does not price a call, a put, a floating coupon, inflation linking, taxes or fees. It also assumes that you reinvest each coupon at the same yield.

    Find a bond

    Each bond page on BondSmartly shows the last price and the yield to maturity, with a link back to this calculator. Find a bond in the bond screener, or search by name or ISIN at the top of the page. To compare the yields of all the bonds of one issuer, use the yield curve builder.