A system and method for providing virtual real-time MRI-guidance for a biopsy outside of a conventional MRI scanner is described. MR images and ultrasound images of a region of a patient's body are simultaneously acquired during a pre-biopsy procedure. Respiratory states that the patient may experience during the biopsy are then determined from the acquired ultrasound images, and each respiratory state is associated with corresponding MR images. The MR images are indexed with their corresponding respiratory state. Ultrasound images are then acquired of the patient during a biopsy procedure. The respiratory state of the patient is determined from the ultrasound images, and the corresponding indexed MR images are displayed.