Treasury Bill Calculator
Calculate U.S. Treasury bill purchase price, maturity profit and clearly labeled returns from a bank discount rate or purchase-price quote.
U.S. Treasury bill held to maturity. Bank discount pricing uses 360 days; simple annualized returns use the selected 365/366 days and are not the official auction Investment Rate. No live quotes.
Enter the bank discount rate, face value and actual days to maturity. Compare purchase price, maturity interest and returns after your entered fee and tax assumptions.
Result
- Purchase price before fee
- $9,886.25
- Gross discount interest at maturity
- $113.75
Result breakdown (13)
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Calculation details & assumptions
Ordinary U.S. Treasury bill held to maturity, sold at a discount or par. Bank discount rate uses face value and a 360-day year: price = face × (1 − discount × days / 360). This rate is not the return on your purchase cost. All entered rates are assumptions or your quote, not live auction data.
Holding-period gross return = (face − price) / price. Simple annualized gross yield uses your selected 365- or 366-day year and does not compound. It is NOT the official Treasury auction Investment Rate or a promise of a broker bond-equivalent yield, particularly for longer bills with different quotation conventions.
Hypothetical effective annual yield compounds the gross holding-period return assuming repeated reinvestment at the same return for a full selected year. This is a comparison convention, not interest paid each day or a reinvestment forecast. No accrued-balance growth curve is fabricated: the table shows only purchase and maturity cash flows.
Federal tax is a simplified estimate on positive gross discount interest using your federal plus optional additional investment-income tax rate. Bill interest is exempt from state/local income tax. The fee reduces net cash return but is not deducted from the tax base; basis adjustments, AMT, tax-year accrual, withholding and personal NIIT eligibility are not calculated. Tax is shown at maturity for comparison, not as an actual filing/payment schedule.
Face value uses $100 increments. Enter actual settlement-to-maturity days, excluding the settlement day; standard week shortcuts are nominal days, not a dated settlement or holiday calendar. The year-day selector affects annualized returns only, never the 360-day bank-discount price. Secondary sales, price premiums, reinvestment ladders, brokerage-specific charges and tax-advantaged accounts require different analysis. Internal prices retain precision; actual auction/broker rounding can differ.
Calculation details
Scroll horizontally or vertically to see more. Download CSV for the complete schedule.
| Day | Cash flow (USD) | Event |
|---|---|---|
| 0 | -9,886.25 | Purchase price plus fee |
| 91 | 9,972.70 | Face value less estimated tax at maturity |
How to use this calculator
Enter the bank discount rate, face value and actual days to maturity. Compare purchase price, maturity interest and returns after your entered fee and tax assumptions. Enter amounts in the units shown, select the applicable options, and click Calculate. Use Reset to restore the starting values.
Calculation formula
Price = face × (1 − bank discount rate / 100 × days / 360). Net profit = face − price − fee − estimated federal tax. Simple annualized yield = holding-period return × selected year days / holding days.
Assumptions and accuracy
Review timing, rates, fees and result notes when comparing scenarios. Future returns and rates are assumptions rather than guaranteed outcomes. Monetary display follows the currency’s precision; intermediate calculations retain additional digits.
Choose what to calculate
Treasury bill calculator
Calculate bill price and maturity profit from a bank discount rate. Compare holding-period returns, annualized yields and entered tax and fee assumptions.
Related searches: T bill calculator · T-bill calculator · US treasury bill calculator
Open this calculationTreasury bill yield from price calculator
Enter a purchase quote per $100 face to calculate holding-period return and separately labeled bank-discount, simple annualized and effective annual yields.
Open this calculationUnderstanding this calculation
A Treasury bill pays its face value at maturity; discount interest is the difference from its purchase price. This calculator separates bank discount rate, return on the actual purchase cost, simple annualization and hypothetical effective annual yield. Fees and your federal tax assumptions are reported separately.
Worked examples
TreasuryDirect discount-pricing example
Face$1,000;182 days; bank discount rate0.145%; no fee/tax in this illustration.
- Price =1,000×(1−0.00145×182/360).
- Unrounded price =$999.2669444444; displayed price =$999.27.
- Unrounded interest =$0.7330555556. Actual broker/auction rounding may differ.
Displayed purchase price is$999.27.
Try these inputsQuoted price separates gross profit from fee and tax
$10,000 face bought at$98 per$100 face;91 days; fee$10; federal marginal tax24%.
- Purchase price =10,000×98/100=$9,800; purchase cash including fee =$9,810.
- Gross discount interest =$200; estimated federal tax =$48.
- Net profit =200−10−48=$142.
Net maturity profit after entered fee and estimated tax is$142.
Try these inputsCommon questions
Which rate goes in Quoted bank discount rate?
Use a quote explicitly expressed as a bank discount rate. Its denominator is face value and its year basis is360 days. Do not enter a broker Investment Rate, APY or simple annualized yield as a bank discount quote. If you know the price, use Yield from Purchase Price instead.
Why is simple annualized yield not the official Treasury Investment Rate?
The displayed simple annualized yield scales return on price by365 or366 divided by holding days. Official auction and broker bond-equivalent conventions can differ, especially for longer bills. This calculator deliberately labels its own convention and does not claim official Investment Rate output.
Is the effective annual yield guaranteed?
No. It assumes reinvestment repeatedly at the same holding-period return across a full year. Bills pay at maturity, and future auction rates are unknown. It is a mathematical comparison figure, not an accrued daily payout or guaranteed annual return.
How are federal tax and state taxes handled?
The tool estimates federal tax plus an entered effective surtax on positive gross discount interest. Bill interest is exempt from state/local income tax. Fees reduce net profit but are not deducted from the estimated tax base; secondary-sale gains, accrual rules and investor-specific basis adjustments are excluded.
Can I enter a 13-week or 26-week term?
Use91 or182 days for nominal13- or26-week examples, or enter the actual settlement-to-maturity day count. Common nominal week terms are4,6,8,13,17,26 and52 weeks; holidays and actual issue/maturity dates can affect the correct days. A52-week shortcut is364 days, not automatically365.
Scope and assumptions
Ordinary U.S. Treasury bill held to maturity, positive discount/par price and1..366 whole days. Quotes are manual assumptions, not live auction data. No official auction Investment Rate, early-sale valuation, investment ladder, full tax-basis/accrual treatment or retirement-account model.
Sources
- TreasuryDirect: bill discount pricing formula and example
- TreasuryDirect: bill terms, maturity payments and tax treatment
Calculation notes checked . Examples are mathematical checks under the stated assumptions.
Calculation methods and formulas
Price from Discount Rate
Enter the bank discount rate, face value and actual days to maturity. Compare purchase price, maturity interest and returns after your entered fee and tax assumptions.
Price = face × (1 − bank discount rate / 100 × days / 360). Net profit = face − price − fee − estimated federal tax. Simple annualized yield = holding-period return × selected year days / holding days.
Yield from Purchase Price
Enter your price quote per $100 face and holding days. Calculate discount interest, bank discount rate, simple annualized yield and hypothetical effective annual yield without confusing their bases.
Total price = face × quoted price per $100 / 100. Holding return = (face − price) / price. Bank discount rate = (face − price) / face × 360 / days. Effective annual yield = (face / price)^(selected year days / days) − 1.
See our calculation methodology and review status for data versions, rounding and validation limitations. How default assumptions are chosen.