Find a bond's current yield and approximate yield to maturity (YTM) from its price, coupon, and years left.
Current yield = annual coupon ÷ price. YTM uses the standard approximation formula, which is close but not exact (true YTM solves for the rate that discounts all cash flows to the price). Assumes annual coupons held to maturity. Not investment advice.
Current yield is the annual coupon as a percent of what you pay — a snapshot of income. Yield to maturity is the fuller picture: it also folds in the gain or loss from buying below or above the bond's face value and holding it to maturity. A bond bought at a discount has a YTM above its coupon rate.
Current yield = coupon ÷ price · YTM ≈ (coupon + (face − price)/years) ÷ ((face + price)/2)
Because you also earn the difference between the discounted price and the full face value repaid at maturity — that gain lifts the total return above the coupon rate.
It's the widely used approximation — within a few basis points for most bonds. The exact YTM requires solving a present-value equation iteratively.
Related: dividend yield calculator · present value calculator · CD calculator · all free calculators.
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