We propose a cost-effective algorithm for the dynamic image reconstruction problem in magnetic resonance imaging (MRI). The proposed imaging method, the ensemble Kalman filter, is a Monte Carlo approximation to the Kalman filter with reduced computational cost. The technique reconstructs images of snapshots taken during a cardiac cycle from a low number of measurements that can be obtained during the time interval. The algorithm makes use of a dynamic imaging model of the object derived from prior information.The results are produced by applying the method on the extendedcardiac-torso (XCAT) human body phantom with real life parameter selections. The reconstructions are sharp, accurate and fast without any ringing artifacts caused by the conventional methods.