T-Note calculator
| Term | APR | Per year | At maturity | ||||
|---|---|---|---|---|---|---|---|
Estimates from the most recent auction of each term. The next auction will price differently.
T-Note rate history
The high yield at every auction, one line per term.
| Auction | Term | APR | Price per $100 |
|---|
How T-Notes work
- Terms
- 2, 3, 5, 7, and 10 years.
- How it pays
- A fixed rate of interest every six months, then face value at maturity.
- Buying
- From $100, in $100 steps, at auction. A noncompetitive bid takes the auction's rate.
- Taxes
- Federal income tax applies. Exempt from state and local income tax.
How this calculator works
A note pays its coupon rate on face value every six months and returns face value at maturity. The total adds every remaining interest payment to the gap between the auction price and face value; per year spreads it evenly over the term, so terms compare.
APR is the high yield Treasury publishes with each auction result. When the latest auction reopened an older note, the calculator nets out the accrued interest a buyer pays up front and gets back in the first payment.
Ready to buy T-Notes?
You can buy T-Notes directly from the U.S. government at TreasuryDirect.
Treasury Calculator is an independent site and is not affiliated with the U.S. government.