Here, we introduce and analyze a novel approximation of the well-established and widely used spring-loaded inverted pendulum (SLIP) model of legged locomotion, which has made several validated predictions of the center-of-mass (CoM) or point-mass motions of animal and robot running. Due to nonlinear stance equations in the existing SLIP model, many linear-based systems theories, analytical tools, and corresponding control strategies cannot be readily applied. In order to provide a significant simplification in the use and analysis of the SLIP model of locomotion, here we develop a novel piecewise-linear, time-invariant approximation. We show that a piecewise-linear system, with the only nonlinearity due to the switching event between stance and flight phases, can predict all the bifurcation features of the established nonlinear SLIP model over the entire three-dimensional model parameter space. Rather than precisely fitting only one particular solution, this approximation is made to quantitatively approximate the entire solution space of the SLIP model and capture all key aspects of solution bifurcation behavior and parametric sensitivity of the original SLIP model. Further, we provide an entirely closed-form solution for the stance trajectory as well as the system states at the end of stance, in terms of common functions that are easy to code and compute. Overall, the closed-form solution is found to be significantly faster than numerical integration when implemented using both matlab and c++. We also provide a closed-form analytical stride map, which is a Poincaré return section from touchdown (TD) to next TD event. This is the simplest closed-form approximate stride mapping yet developed for the SLIP model, enabling ease of analysis and numerical coding, and reducing computational time. The approximate piecewise-linear SLIP model presented here is a significant simplification over previous SLIP-based models and could enable more rapid development of legged locomotion theory, numerical simulations, and controllers.