The Tofts pharmacokinetic model requires multiple calculations for analysis of dynamic contrast enhanced (DCE) MRI. This can result in error propagation that reduces the accuracy of pharmacokinetic measurements. Here, we present a new compact solution for estimating physiological parameters based on changes in signal intensity, without the Tofts model. Human prostate DCE-MRI data were analyzed to compare physiological parameters estimated from proposed compact solution with the Tofts model. The Ktrans and ve from the compact solution correlated strongly with values from the Tofts Model. Bland–Altman plots showed moderate to excellent agreement between the compact solution and the Tofts Model.