This paper presents a simulation model for the coupled dynamic properties of thermomagnetic generators based on magnetic shape memory alloy (MSMA) films. MSMA thermomagnetic generators exploit the large abrupt temperature-induced change of magnetization at the first- or second-order magnetic transition as well as the short heat transfer times due to the large surface-to-volume ratio of films. These properties allow for resonant self-actuation of freely movable MSMA cantilever devices showing thermomagnetic duty cycles in the order of 10 ms duration, which matches with the period of oscillatory motion. We present a numerical analysis of the energy conversion processes to understand the effect of design parameters on efficiency and power output. A lumped element model is chosen to describe the time dependence of MSMA cantilever deflection and of temperature profiles as well as the magnitude and phase dependency of magnetization change. The simulation model quantitatively describes experimentally observed oscillatory motion and resulting power output in the order of 100 mW cm−3. Furthermore, it predicts a power output of 490 mW cm−3 for advanced film materials with temperature-dependent change of magnetization ∆M/∆T of 4 A m2 (kg K)−1, which challenges state-of-the-art thermoelectric devices.