A method for calculating the load characteristics of a traveling-wave-type ultrasonic motor (TWUM) is proposed. A systematic method using an equivalent circuit is suggested for estimating the performance of the motor, including its electrical and the mechanical parts. In the proposed method, a governing equation for the motor is derived to describe the relation between the applied voltage at an electrical terminal, vibration velocities, and the external forces at mechanical terminals of a vibrator. A method for estimating the forces between the rotor and the vibrator of the motor is presented and used to calculate the load characteristics. The numerically calculated load characteristics are shown to agree well with the measured ones, confirming the validity of the method.