We consider the problem of controlling switched-mode power converters using model predictive control. Model predictive control requires solving optimization problems in real time, limiting its application to systems with small numbers of switches and a short horizon. We propose a technique for using off-line computation to approximate the model predictive controller. This is done by dividing the planning horizon into two segments, and using a quadratic function to approximate the optimal cost over the second segment. The approximate MPC algorithm minimizes the true cost over the first segment, and the approximate cost over the second segment, allowing the user to adjust the computational requirements by changing the length of the first segment. We conclude with two simulated examples.