计算债券的当前收益率、YTM、票息支付表。
$50.00
5.26%
5.66%
Discount (-$50.00 capital)
7.93 years
7.71 years
1% rate rise → bond price falls ~7.7%
Bond price = present value of all future coupon payments + face value at maturity, discounted at YTM. Current yield is the simple annual income / price. YTM is the internal rate of return assuming you hold to maturity and reinvest coupons at the same rate. Modified duration estimates price sensitivity to a 1% interest rate change.
$1,000 票面、5% 票息（$50/年）、10 年到期：
| 购买价格 | 当期收益率 | YTM | 10 年总回报 |
|---|---|---|---|
| $950（折价） | 5.26% | 5.74% | $600 |
| $1,000（平价） | 5.00% | 5.00% | $500 |
| $1,050（溢价） | 4.76% | 4.39% | $400 |
YTM = [C + (F−P)/n] / [(F+P)/2]，是债券的真实年化回报。折价买 YTM > 票息率（因为资本利得），溢价买 YTM < 票息率。10 年期国债 2026 收益率约 4.2-4.5%。
Cross-checked against authoritative formulas (IRS, NIST, ACSM) and updated for 2025/2026 tax years and rates.
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FAQ
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A bond calculator is a free fixed-income analysis tool that computes current yield, yield to maturity (YTM), and interest rate risk (duration). Our bond calculator takes face value, coupon rate, current market price, years to maturity, and coupon frequency, then uses bisection search to find the YTM — the rate that discounts all future coupon payments plus face value back to the current market price. The calculator also shows Macaulay and modified duration, which estimate price sensitivity to interest rate changes.
How it works
Our bond calculator computes current yield, YTM (via bisection search), Macaulay duration, and modified duration for any fixed-coupon bond.
Type the bond's face value (typically $1,000 for US bonds) and the annual coupon rate (the fixed interest payment stated on the bond). The annual coupon income = face × coupon rate.
Type the current market price you would pay for the bond, and the years until the bond matures and pays back face value. If price > face the bond trades at premium; if < face at discount; if = face at par.
Select how often the bond pays coupons. Most US bonds pay semiannually. The bond calculator adjusts the discount period accordingly.
The bond calculator shows annual coupon income, current yield, YTM, Macaulay duration, and modified duration. YTM is the total return if held to maturity. Modified duration estimates price change for a 1% interest rate move.
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