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Yield To Call Calculator

Work out yield to call instantly with clear inputs, formula shown and shareable results.

About Yield To Call Calculator

Yield to call assumes the issuer redeems at the first call date and price. For a bond trading above the call price the capital loss at redemption drags the yield below the current yield, which is why callable premium bonds should be judged on yield to worst.

Formula

Yield to call

Price = Σ coupon/(1+y)^k + call price/(1+y)^n, solved for y

Worked example

With the default values below, Yield To Call Calculator returns Yield To Call of 7.1059%. Change any input above and every figure here is recalculated in your browser.

Inputs used

Current Price Per 100minimum 0
104
Annual Coupon Rateaccepts 0–100 %
8 %
Years To The Call Dateaccepts 0.5–30
3
Call Price Per 100minimum 0
102

Results

Yield To Call
7.1059%
Current Yield
7.6923%
Coupons Received Until Call
$24.0000
Capital Gain Or Loss At Call
-$2.0000

Step by step

  1. 1Values used
  2. 2Yield to call
  3. 3Yield To Call= 7.1059
  4. 4Current Yield= 7.6923
  5. 5Coupons Received Until Call= 24.0000
  6. 6Capital Gain Or Loss At Call= -2.0000

Assumptions and limits

  • The result is derived only from the 4 inputs listed above. Anything not among them is not part of the calculation.
  • In particular, this calculator does not take inflation, tax or fees or charges into account.
  • Figures are rounded for display to 4 decimal places, so totals built from several rounded parts can differ slightly from the unrounded arithmetic.
  • Figures are estimates for planning only. Market returns are not guaranteed, and rates, limits and tax rules change. This is not financial or tax advice — speak to a qualified adviser before acting.
  • This is an estimate for general information and not professional financial, tax or legal advice. See the full disclaimer for the limits that apply to this kind of calculator.

How these calculators are built and tested is described on the Methodology page. If a figure looks wrong, please report it.

Figures are estimates for planning only. Market returns are not guaranteed, and rates, limits and tax rules change. This is not financial or tax advice — speak to a qualified adviser before acting.

Frequently Asked Questions

Why does a call hurt the holder?

Issuers call when rates have fallen, so you are repaid early and must reinvest at lower yields.

What is yield to worst?

The lowest of yield to maturity and every yield to call — the prudent figure to quote on a callable bond.

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