A Montgomery multiplier includes a partial product computing unit for multiplying a multiplicand and a multiplier; a modulus reduction computing unit for performing a multiplication of a modulus and a quotient that reflects a quotient sign; an accumulation unit for accumulating in a intermediate value an output value of the partial product computing unit and an output value of the modulus reduction computing unit from a previous cycle; a quotient computing unit for receiving an accumulation value of the accumulation unit during a current cycle and calculating a quotient sign to be used during a next cycle; and a quotient sign determination unit for determining a quotient sign to be used during a next cycle from the multiplicand, the multiplier and the quotient.