Fixed Income Calculator
Price bonds, measure interest-rate risk with duration and convexity, and value callable bonds on a rate tree.
This free bond pricing calculator covers the fixed-income basics end to end: clean and dirty price, accrued interest, yield to maturity, and the two risk measures that matter most — duration and convexity.
Duration, convexity and DV01
Modified duration is the first-order sensitivity of price to yield — roughly the percentage price move for a 1% rate change — while convexityis the second-order correction that makes the price-yield curve bend in the holder's favour. DV01(and PV01) translate that into the cash P&L of a one-basis-point move, which is how rates desks actually size and hedge risk. The price-yield and P&L waterfall charts show the convexity adjustment explicitly.
Callable bonds
A callable bond lets the issuer redeem early, which caps the price and creates negative convexity near the call. The tool prices it on a lognormal binomial rate tree and reports yield-to-call and yield-to-worst, with an SVG of the tree so the backward induction is visible. New to the intuition? See no-arbitrage pricing, and the Coach for swaps, duration and convexity interview questions.