This article introduces an analytical model to compute the monotonic force–displacement response of in-plane loaded unreinforced brick masonry walls accounting for walls failing in shear or flexure. The masonry wall is modelled as elastic in compression with zero tensile strength using a Timoshenko beam element. Its cross-section properties (moment of inertia and area) are continuously updated to capture the non-linearity that results from flexural and shear cracking. For this purpose, diagonal cracking of shear critical walls is represented by one Critical Diagonal Crack. The ultimate drift capacity of the wall is determined based on an approach evaluating a plastic zone at the wall toe. Validation against results of cyclic full-scale tests of unreinforced masonry walls made with vertically perforated clay units shows that the presented formulation is capable of accurately predicting the effective stiffness, the maximum strength and the ultimate drift capacity of the wall. It outperforms current empirical code equations with regard to stiffness and ultimate drift capacity estimates and yields similar results concerning strength prediction.