Bonds calculators
Bond arithmetic is unusually unforgiving of shorthand, because price, yield and duration all move against each other and a quoted yield can mean any of several things. Each tool names the convention it used, the day count included, since that is where two correct calculations end up disagreeing by a few hundred.
Series I Bond CalculatorUS Series I savings bond value. The composite rate is not the fixed rate plus inflation: the official formula includes a cross term, and the fixed rate is locked for the life of the bond.Treasury Bill Yield CalculatorThe three yields a Treasury bill can be quoted at, and why they differ. The discount yield on a dealer screen is always the lowest of them, and it is not the return on your money.Bond Price CalculatorThe price of a bond from its required yield. Price and yield move opposite ways, and a bond only trades at face value when the two rates are equal.Bond Yield to Maturity CalculatorYield to maturity from a price, solved rather than approximated. It is the only yield measure that counts both the coupons and the pull to par, which is why it differs from current yield on any bond not trading at face.Current Yield CalculatorCurrent yield and an approximate yield to maturity. Current yield ignores the capital gain or loss at redemption, which is why a discount bond always shows a YTM above its current yield.Bond Duration CalculatorHow far a bond price moves when yields move. Duration is the number traders actually quote, because it converts a yield change into a price change in one multiplication.Zero Coupon Bond CalculatorA bond that pays nothing until it matures, priced as a single discounted payment. With no coupons to reinvest, the quoted yield is the return you actually get.Accrued Interest CalculatorAccrued interest between coupon dates, across day count conventions. The convention is not a detail: actual/360 and 30/360 give materially different answers on the same bond.