This paper proposes a new method that combines signal modulation and FDTD (Finite-Difference Time-Domain) simulations to reduce the computation time in multiple-antenna analysis. In this method, signals are modulated so as to maintain orthogonality among the excited signals; multiple antennas are excited at the same time. This means just one FDTD simulation is needed whereas the conventional method demands as many simulations as there are transmitting antennas. The simulation of a 2×2 multi-antenna system shows that the proposed method matches the performance of the conventional method even though its computation time is much shorter.