A method for estimating the load of a tire supporting a vehicle includes providing the tire, in which the tire includes a pair of sidewalls extending to a circumferential tread, and the tread includes a plurality of tread blocks. A length of the tire footprint is indicated with a first time interval, and a full rotation of the tire is indicated with a second time interval. The first time interval may be indicated by peaks of an amplitude of a tire-based magnetic sensor signal, and the second time interval may be indicated by peaks of the amplitude of the tire-based magnetic sensor signal or by a linear speed of the vehicle. The load on the tire is determined from a ratio of the first time interval to the second time interval at an inflation pressure of the tire. A tire load estimation system is also provided.