The complete fermionic two-loop contributions to the prediction for the W-boson mass from muon decay in the electroweak Standard Model are evaluated exactly, i.e., no expansion in the top-quark and the Higgs-boson mass is made. The result for the W-boson mass is compared with the previous result of an expansion up to next-to-leading order in the top-quark mass. The predictions are found to agree with each other within about 4 MeV. A simple parametrization of the new result is presented, approximating the full result to better than 0.4 MeV for M-H less than or equal to 1 TeV. (C) 2000 Elsevier Science B.V. All rights reserved.