Examining the regularity between events during an earthquake slip leads to an understanding of earthquake recurrence and provides the basis for probabilistic seismic hazard assessment. Generally, scientists use systematic analysis of three-dimensional paleoseismic trenches and numerous offset markers along fault zones to study slip history. Flights of displaced terraces have also been used, under the assumption that the number of earthquakes contributing to the observed cumulative slip is known. This study presents a Monte Carlo-based approach to estimating slip variability from a series of displaced terraces when such an assumption cannot be satisfied. First, we mapped fluvial terraces across the Kamishiro Fault, which is an intra-plate reverse fault in central Japan, and systematically measured the cumulative net slip in the mapped terraces. By combining these measurements with the age of the paleoearthquakes, we estimated the amount of net slip for the penultimate event (PE) and antepenultimate event (APE) to be 1.5 ± 0.2 and 2.7 ± 0.4 m, respectively. The APE slip was twice that of the PE slip and 2.5 times larger than the most recent event, the Nagano-ken-hokubu earthquake, and measured 1.2 ± 0.1 m. This suggests that the APE ruptured along the entire length of the 26 km-long Kamishiro Fault or that there were multiple faults involving adjacent segments. As we are unsure how many earthquakes had occurred since the oldest terrace was formed, we assumed three cases based on available paleoseismic records. In each case, we calculated the slip that could reproduce the cumulative slips within a reasonable range of observed terrace offsets and then estimated the coefficient of variation for coseismic slips (COVs) of paleoearthquakes. The resulting COVs typically fell into the range of 0.3 to 0.5, indicating that, over the last few thousand years, the Kamishiro Fault did not regularly behave as it had done before the 2014 event. Instead, there were large variations in the fault’s coseismic slip, as suggested by the global dataset. Although we acknowledge that our approach may be oversimplified, the Monte Carlo-based approach should help assess the regularity of earthquakes from displaced terraces where limited data are available.