Bond Yield Calculator

The coupon rate is fixed at issue; current yield divides the coupon by today's price; yield to maturity adds the pull-to-par gain or loss at maturity. A bond bought below face value yields more than its coupon — that discount is extra return.

When market rates rise, existing bonds' prices fall until their yields match — longer maturities swing harder (duration). The YTM here uses the standard approximation; exact YTM solves the full discounting equation but rarely differs much.