Bond
Clean & Dirty Bond Price Calculator
Go from the clean market quote to settlement amount through accrued interest.
Results
Enter bond terms to explore the results.
Understand this calculation
Quotes are per 100 of face value; the settlement amount scales with your holding. Accrued interest is the elapsed share of the current coupon, not an increase in the market's clean price.
See calculation method and assumptions
Formula
Accrued = (100 × c/m) × elapsed days / coupon-period days; Dirty = Clean + Accrued; Amount = Dirty × Face/100Clean price excludes accrued interest. Dirty price adds interest accrued from the previous coupon date to settlement.
Variables, rates and periods
- Clean / Dirty
- Quotes per 100 face; dirty equals clean plus accrued interest.
- c / m
- Annual coupon rate and payments per year; coupons use original face.
- Days
- Regular maturity-anchored coupon dates; elapsed days divided by coupon-period days.
Dates and day basis
- Uses the Financial Calculator BOND date engine with annual or semiannual coupons.
- Actual divides elapsed actual days by actual coupon-period days.
- The calculator's 360 basis is not every market's standard 30/360.
- Contract conventions can differ.
Calculate accrued interest from a regular coupon schedule, then convert a clean quote per 100 into dirty price and settlement amount.
Worked example
- Previous coupon is 2025-12-31; next is 2026-06-30.
- Multiply the 2.50 coupon per 100 by 90 / 181.
- Add clean quote and multiply by face / 100 for settlement amount.
Frequently asked questions
What is accrued interest on a coupon date?
Settlement on a coupon date begins a new period, so accrued interest is zero in this model.