Iron precipitation in multicrystalline silicon has been modeled aiming at the optimization of intrinsic gettering of iron in multicrystalline silicon. Iron precipitation during both crystal growth and following phosphorus diffusion gettering (PDG) are simulated and compared to experimental results as the iron precipitate density after these processes is essential in the modeling of intrinsic gettering in multicrystalline silicon solar cell processing. The PDG decreases the density of iron precipitates compared to the as-grown state and as expected the effect is larger at lower initial iron concentrations. Due to this effect the iron precipitation is significantly reduced almost throughout the whole ingot height and it can be concluded that intrinsic gettering has a beneficial effect only in the case of high initial iron concentration, in accordance with the experimental results. The simulated change in interstitial iron concentration as a function of intrinsic gettering temperature suggests the same optimum intrinsic gettering temperature as the experiments. With the given model it is however much easier to find optimal parameters compared to expensive and time consuming experiments.