In this paper, a simplified prediction formula of ground settlement induced by deep foundation pit excavation is proposed, especially suitable for ground overloading near a foundation pit, such as embankment surcharge load, which is carefully considered via the means of load equivalence. The ground settlement induced by foundation pit excavation and embankment surcharge load is determined by the modified skewness prediction formula and the simplified Boussinesq solution, respectively, and it is assumed that no coupling effect exists between the two settlement sources. In addition, this paper improves the determination of the maximum settlement location by combining calculus and curve fitting, replacing the existing prediction formula which relies heavily on engineering experience to determine the maximum settlement point. The predicted value obtained using this method comes close to the measured value, and the deviation of the maximum surface settlement value is controlled within about 5% in the three cases introduced, of which the accuracy is higher than the existing prediction formula.