Accurately calculate the annualized yield of a bond held to maturity to assist with investment decisions and bond valuation analysis.
YTM ≈ [C + (F - P) / n] / [(F + P) / 2] × 100%
C=Annual Interest, F=Face Value, P=Current Price, n=Years to Maturity
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Still calculating bond returns manually? Yield to Maturity (YTM) is the annualized rate of return measuring the total return of a bond held to maturity. This tool uses a precise algorithm to calculate the full-cycle cash flow return of a bond. Simply enter the current bond price, face value, coupon rate, and years to maturity to get a YTM percentage that reflects your true investment return.
How do I calculate YTM for a semi-annual coupon bond?
You need to adjust the parameters: divide the annual interest rate by 2 for the semi-annual rate, and multiply the years to maturity by 2 for the total number of periods. The calculated result will then need to be annualized.
Does the YTM result include the impact of taxes and fees?
The results calculated by this tool are theoretical pre-tax values. Actual returns must account for taxes, fees, and other cost factors.
Input values must be greater than zero, and the recommended years to maturity is ≤ 50 years. The results are based on the assumption that cash flows are reinvested, and actual markets carry volatility risks. For sensitive financial data, local calculation is recommended.
When comparing premium bonds (price > face value) with discount bonds, YTM reveals the true difference in yield. Example: For a bond with a 1,000 face value, buying at a 950 discount (YTM ≈ 5.94%) yields a higher actual return than buying at a 1,050 premium (YTM ≈ 4.45%).
