Numerical models are used to analyze the complex behaviour of magnetically levitated droplets in the context of determining their thermophysical properties. We focus on a novel method reported in Tsukada et al. [4] which uses periodic laser heating to determine the thermal conductivity of an electromagnetically levitated droplet in the presence of a static DC field to suppress convection. The results obtained from the spectral-collocation based free surface code SPHINX and the commercial package COMSOL independently confirm and extend previous findings in [4]. By including the effects of turbulence and movement of the free surface SPHINX can predict the behaviour of the droplet in dynamic regimes with and without the DC magnetic field. COMSOL is used to investigate arbitrary amplitude axial translational oscillations when the spherical droplet is displaced off its equilibrium. The results demonstrate that relatively small amplitude oscillations could cause significant variation in Joule heating and redistribution of the temperature. The effect of translational oscillations on the lumped circuit inductance is analysed. When a fixed voltage drive is applied across the terminals of the levitation coil, this effect will cause the coil current to change and a correction is needed to the electromagnetic force acting on the droplet