Method, system and computer program product for generating effective addresses in a data processing system. A method, in a data processing system, for generating an effective address includes generating a first portion of the effective address by calculating a first plurality of effective address bits of the effective address, and generating a second portion of the effective address by guessing a second plurality of effective address bits of the effective address. By intelligently guessing a plurality of the effective address bits that form the effective address, the effective address can be generated and sent to a translation unit more quickly than in a system in which all the effective address bits of the effective address are calculated. The method and system is particularly suitable for generating effective addresses in a CAM-based effective address translation design in a multi-threaded environment.