Fixed Income
Bond Yield, Fair Price, and Sale Outcome Calculator
Estimate the yield you are buying, the fair price for a target return, or the sale quote required to break even, while visualizing coupon cash flows and redemption value.
What this calculator helps you do
This bond calculator is designed around the most common questions fixed-income investors ask. You can solve the yield implied by today’s market quote, estimate the fair clean price for a target return, or find the sale quote an existing position would need to break even after selling costs.
The default form keeps the workflow focused on the essential inputs for the selected calculation. Advanced mode is available when you want to include optional market-price comparisons, budget or cost-basis checks, and commissions without making the standard experience feel crowded.
Your bond analysis will appear here
Fill out the form to estimate yield, fair price, break-even quote, and remaining bond cash flows.
How the bond analysis works
The calculator first reconstructs the remaining coupon schedule from the settlement date, next coupon date, coupon frequency, and maturity. It then converts the selected market quote into a normalized clean-price payload, adds accrued interest to obtain the dirty price, and discounts every remaining coupon and redemption cash flow to solve the requested unknown.
1. Cash-flow schedule: Each remaining coupon date is generated from the next coupon date up to maturity, and the final payment includes both the last coupon and principal redemption.
2. Price normalization: Quotes entered as % of nominal are converted into clean price, while currency quotes are used directly. Accrued interest is then added to obtain dirty price and sale proceeds.
3. Solve mode: Depending on your selection, the model solves either the yield to maturity, the fair price for a target yield, or the break-even sale quote needed to recover your invested basis after selling costs.
Pclean: Bond clean price, excluding accrued interest
CFi: Each future coupon or redemption cash flow
y: Annual yield to maturity
m: Coupon payments per year
ti: Discount timing, expressed in coupon periods from settlement
AI: Accrued interest earned since the previous coupon date
Assumptions: This implementation is designed for plain fixed-coupon bullet bonds. It separates hold-to-maturity yield from sell-now outcome so you can judge both the return you are buying and the current trading result of an existing position. It does not model callable features, floating coupons, credit events, tax effects, or day-count conventions beyond the simplified accrued-interest schedule used here.