Cash Flows & Pricing
Trace regular bond cash flows, yields, compounding and the boundaries of a price calculation.
Regular Fixed-Coupon Bond Calculator
Fixed Income Models
Bond price, duration, convexity and exact yield-shock repricing.
Bond assumptions
Regular noncallable fixed-coupon bullet bond, valued on a coupon date before the next full coupon period; nominal annual yield compounded at coupon frequency; no accrued interest, default, optionality, tax, costs or reinvestment.
Hypothetical USD amounts. Values stay in this page; no input upload or persistent storage. Yield shock changes yield immediately, with no elapsed time.
Calculation conventionsPresent value$956.24
Price per 100 face95.6240
- Macaulay duration (years)
- 4.5695
- Modified duration (years)
- 4.4581
- Convexity (years squared)
- 23.1944
- DV01 magnitude (USD / bp)
- $0.43
- Repriced value (USD)
- $914.70
- Value change (USD)
- $-41.54
- Exact price change
- -4.3443%
- Duration-only estimate
- -4.4581%
- Duration + convexity estimate
- -4.3421%
- Approximation minus exact
- 0.002194 pp
DV01 is a positive first-order sensitivity magnitude, not an exact one-basis-point loss. Approximation error uses percentage points.
Scheduled cash flows and present values
| Period | Years | Coupon | Principal | Payment | Present value |
|---|---|---|---|---|---|
| 1 | 0.5 | $20.00 | $0.00 | $20.00 | $19.51 |
| 2 | 1 | $20.00 | $0.00 | $20.00 | $19.04 |
| 3 | 1.5 | $20.00 | $0.00 | $20.00 | $18.57 |
| 4 | 2 | $20.00 | $0.00 | $20.00 | $18.12 |
| 5 | 2.5 | $20.00 | $0.00 | $20.00 | $17.68 |
| 6 | 3 | $20.00 | $0.00 | $20.00 | $17.25 |
| 7 | 3.5 | $20.00 | $0.00 | $20.00 | $16.83 |
| 8 | 4 | $20.00 | $0.00 | $20.00 | $16.41 |
| 9 | 4.5 | $20.00 | $0.00 | $20.00 | $16.01 |
| 10 | 5 | $20.00 | $1000.00 | $1020.00 | $796.82 |
Follow the calculation through five areas
Duration & Convexity
Compare exact repricing with duration, convexity and position-sized sensitivity.
Yield Curves & Scenarios
Distinguish rate conventions, curve construction and parallel or maturity-specific shocks.
Credit & Instrument Limits
Separate spread sensitivity from default, optionality, inflation and trading frictions.
Ladders & Model Review
Inspect scheduled payments, reinvestment assumptions, liability questions and validation records.
From one bond to a payment ladder
Separate scheduled coupons, maturing principal and current value across up to twelve constructed rungs. Assign each rung its own yield and scenario change.
Open the cash-flow ladderExact prices versus approximations
A duration estimate is local. A wide shock tests how much the linear or quadratic approximation departs from discounting every unchanged payment again.
Inspect the five-year example
Worked calculation files
A five-year bond after a 100-basis-point yield rise
Reconcile a $956.24 starting value, a $914.70 repriced value and two duration approximations using an explicit coupon schedule.
Trace the exampleA ten-year zero-coupon bond and the cost of waiting
Trace a single future payment, a 10-year Macaulay duration and the limits of a local yield-shock estimate.
Trace the exampleA 75-basis-point spread assumption without a default model
Use exact repricing to isolate a hypothetical yield change while keeping spread, default risk and market execution separate.
Trace the exampleA three-rung ladder: payments, present value and scenario loss
Reconcile $30,000 of face value, $7,600 of scheduled coupons and maturity-specific yield shocks without assuming reinvestment.
Trace the exampleFeatured research provider / Promotional
Vector Ridge: examine the research behind the record.
Darren O'Neill's published competition record and quantitative preparation provide founder context. A fixed-income use case still needs its own instrument coverage, model documentation and dated sample.
Review the provider profile2025 WCTC Annual Forex: fourth, 168%Competition evidence, with the division kept explicit.
Oxford Said MAFE / perfect quantitative GMATFounder background, distinct from a product validation.
Documented model-performance evidenceInspect dates, measurement and hypothetical-fill assumptions.