Payment guarantees represent a type of contingent liability for guaranteeing institutions, and while the justification for applying differentiated guarantee fee rates that reflect the default risk of guaranteed firms is widely recognized, establishing specific and valid criteria for this purpose remains a challenging task. This study presents a corporate bond payment guarantee valuation model using a discrete-time option pricing model and applies it to actual corporate bond guarantee cases in Korea for empirical analysis. The effects of changes in various variables that determine guarantee value were also analyzed. The results showed that the estimated guarantee value per unit of guaranteed amount of the sample guaranteed bonds varied considerably depending on the guaranteed firm, reflecting differences in risk levels, debt levels, and guarantee amounts, which suggests the necessity of imposing differentiated guarantee fee rates. Furthermore, the average level of currently applied guarantee rates is higher than the estimates presented in this study; however, the appropriateness of guarantee rate levels should be judged by comprehensively considering various guarantee-related costs, profit margins, and the presence of collateral.