An accurate, fast delay calculation method suitable for high-performance, low-power LSI design is proposed. The delay calculation is composed of two steps: (1) the gate delay is calculated by using an effective capacitance obtained from a simple model we propose; and (2) the interconnect delay is also calculated from the effective capacitance and modified by using the gate-output transition time. The proposed delay calculation halves the error of a conventional rough calculation, achieving a computational error within 10% per gate stage. The mathematical models are simple enough that the method is suitable for quick delay calculation and logic circuit optimization in the early stages of LSI design. A delay optimization tool using this delay calculation method reduced the worst path delay of a multiply-add module by 11.2% and decreased the sizes of 58.1% of the gates.