Treasury Bill Yield Calculator
Convert a T-bill discount price into real yield.
Enter your values
Enter the face value in $.
Enter the purchase price in $.
Enter the days to maturity you are working with.
Results update instantly as you type — no submit needed. Your values are remembered on this device, and the shareable link reopens the calculator with exactly these numbers.
- Bond-equivalent yield
- 3.054%
- Discount yield
- 2.967%
- Interest earned
- $150.00
- Return over holding period
- 1.523%
Quick answer
T-bills are sold at a discount; your return is the gap between purchase price and the $100 face value at maturity.
BEY = (face - price)/price x 365/days
At a glance
| What it does | Convert a T-bill discount price into real yield. |
|---|---|
| Category | Finance |
| Inputs needed | Face value, Purchase price, Days to maturity |
| Main output | Bond-equivalent yield |
| Formula | BEY = (face - price)/price x 365/days |
| Cost | Free — no sign-up, no download |
How to use the Treasury Bill Yield Calculator
- 1Enter face value, the price you paid and days until maturity.
- 2Compare bond-equivalent yield against savings APYs.
- 3Remember T-bill interest is exempt from state and local tax in the US.
Inputs explained
- Face value($)
- Enter the face value in $.
- Purchase price($)
- Enter the purchase price in $.
- Days to maturity
- Enter the days to maturity you are working with.
Worked example
Using the values the calculator loads with:
Inputs
- Face value10000 $
- Purchase price9850 $
- Days to maturity182
Results
- Bond-equivalent yield3.054%
- Discount yield2.967%
- Interest earned$150.00
- Return over holding period1.523%
Frequently asked questions
Why two yields?
Discount yield uses face value and a 360-day year; BEY uses price and 365 days, so it is the comparable figure.
Are T-bills risk free?
They carry effectively no credit risk, but selling before maturity can realise a loss.
What do I need to enter into the Treasury Bill Yield Calculator?
Just 3 values: face value, purchase price, days to maturity. Every field starts with a realistic example, so you can change one number at a time and watch the result update instantly.
How does the Treasury Bill Yield Calculator work out the answer?
T-bills are sold at a discount; your return is the gap between purchase price and the $100 face value at maturity. It applies the formula BEY = (face - price)/price x 365/days and shows the working so you can check each step by hand.
Is the Treasury Bill Yield Calculator free, and do I need an account?
It is completely free with no sign-up, no download and no usage limit. Everything is calculated in your browser, so the numbers you type never leave your device.
Results are estimates for general information. For medical, legal, structural or financial decisions, confirm with a qualified professional.