Calculate bond yield to maturity, fair price from a target yield, yield to call, duration, convexity, tax-equivalent yield, and rate sensitivity — with charts and cash-flow schedules. Built for income investors comparing bonds to preferred stocks and CEFs.
Note: Illustrative constant-rate math on clean prices (no accrued interest). Not a live bond quote. For equity dividend income, use our dividend calculator. For real equity income tickers, use our preferred stock screener or stock return calculator.
Enter market price to solve for yield to maturity and risk metrics.
Enter a target YTM to compute the fair bond price (reverse calculation).
Callable analysis: YTC and yield-to-worst (YTW) use the first call date only.
YTW is the lower of YTM and YTC — the conservative return if the issuer calls when unfavorable to you.
*Total return = coupons + capital gain/loss at maturity; excludes reinvestment and tax effects.
Tax-equivalent yield (taxable bond needed to match after tax): —
| Yield shock | Price (− shock) | Base price | Price (+ shock) | Δ if rates fall | Δ if rates rise |
|---|
| Period | Year | Coupon | Principal | Total CF | PV @ YTM | Cum. coupons |
|---|
Bond math here is illustrative. For live preferred and CEF yields with export and alerts:
Yield to maturity (YTM) is the annualized return you would earn if you buy a bond at today's price, receive all coupon payments on schedule, and hold until maturity (or call), reinvesting coupons at the same rate. It is the standard way to compare bonds with different coupons, prices, and maturities.
| Measure | What it includes |
|---|---|
| Coupon rate | Contract rate on par — fixed at issuance. |
| Current yield | Annual coupon ÷ current price — income only, ignores capital gain/loss. |
| YTM | Full return to maturity: coupons + price change to par, time value of money. |
Preferred shares and baby bonds often quote current yield or dividend yield on screeners. Corporate bonds and many fixed-income homework problems use YTM for apples-to-apples comparison. Use this calculator for bond math; use our preferred stock screener to filter live preferred yields, call dates, and export to alerts.