We study the magnetodynamic modes of a magnetic tunnel junction with perpendicular magnetic easy axis (p-MTJ) in in-plane magnetic fields using device-level ferromagnetic resonance spectroscopy. We compare our experimental results to those of micromagnetic simulations of the entire p-MTJ. Using an iterative approach to determine the material parameters that best fit our experiment, we find excellent agreement between experiments and simulations in both the static magnetoresistance and magnetodynamics in the free and reference layers. From the micromagnetic simulations, we determine the spatial mode profiles, the localization of the modes and, as a consequence, their distribution in the frequency domain due to the inhomogeneous internal field distribution inside the p-MTJ under different applied field regimes. We also conclude that the excitation mechanism is a combination of the microwave voltage modulated perpendicular magnetic anisotropy, the microwave Oersted field, and the spin-transfer torque generated by the microwave current.