From Agarwal Associates:
This application will calculate the Yield to Maturity of a bond. Simply enter the current price, coupon and maturity date of the bond, click on 'calc' and the program will calculate the YTM and current yield of the bond. You can also specify the Par value and coupon payment periods of the bond; defaults are 100 & 2 respectively.
Yield to Maturity Yield to maturity (YTM) is the internal rate of return of a bond. In calculating YTM, coupon income, redemption value, interest earned on interest, as well as the timing of each cash flow, are all taken into account from settlement to maturity. All intermediate cash flows are reinvested at the YTM itself. The YTM may only be realized when the bond is held to maturity and all cash flows are reinvested at exactly the YTM rate.