Binary intermetallic Eu2In was recently reported to exhibit a giant anhysteretic magnetocaloric effect due to a first-order magnetic phase transition between paramagnetic and ferromagnetic states. Experimentally, the transition occurs with a small phase volume change, ΔV/V, of approximately 0.1% around TC of ca. 55 K. We represent magnetic and compute magnetocaloric properties of a Eu2In compound using a microscopic description based on a model Hamiltonian that takes into account magnetic exchange and magnetoelastic interactions. In the model the thermodynamic nature of the transition is conveniently represented by a single magnetoelastic interaction parameter. A good agreement between the theoretical results and earlier published experimental data confirms the effectiveness of our approach.