We present an efficient algorithm for determining mode eigenvalues as well as field distributions of optical waveguides with two-dimensional transverse refractive index profile. The algorithm is devised with the analytical perturbation correction method combined with the finite difference approximation of Helmoltz's equation. The technique is simple and does not involve solving any eigenvalue equation or matrix formalism. The algorithm reduces abruptly the computation time required for the field convergence to mode, and can calculate any higher-order modes without the need of any pre-conditioning the field w.r.t. waveguide geometry, or calculation of previous order modes and/orthogonalization. The analysis can yield precisely both scalar and polarized modes. By applying it to waveguide problems whose solutions are otherwise known, the efficacy of the method has been established.