This calculator finds the value of an existing bond based on changes in the coupon interest rate of a newly issued bond of the same type. For example, if you buy a bond and the coupon interest rate later drops on the same type of bond, the value of your bond rises. The greater the time to maturity, the greater the rise in value. With this calculator you can vary the bond's face value, interest rate, time to maturity, and the current interest rate of the same bond issued today. A handy graph is provided which plots the value of your bond at different current interest rates. You can easily vary any of the parameters to explore different options.

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