The latent heat of a magnetoelastic phase transition is used as a measure of the magnetocaloric effect since it is directly proportional to the entropy change. Taking MnFeSi0.33P0.66 as a model magnetocaloric material, density functional theory calculations in addition to the phonon calculations based on the density functional perturbation theory were performed in order to calculate the latent heat of the magnetoelastic phase transition. The Curie temperature (TC) was determined by taking into account the quasiharmonic approximation and the configurational entropy. The material exhibits a first-order magnetic transition accompanied by a large latent-heat (19.97 kJ/kg) near-room-temperature operation.