“MAG-ISIP” means “to think”. Like “umisip”, it is the infinitive/imperative verb form used in subject-focused sentences. “Mag-isip” though is used much more often than “umisip”.
The meaning of “MAISIP” is akin to “to think”, but would translate more to “to come to mind”.
Examples:
A: “MAG-ISIP/Umisip ka ng libro na sinulat ni Charles Dickens” = Think of a book written by Charles Dickens.
B: “Sa ngayon, wala akong MAISIP, pero baka mamaya may MAIISIP din ako.” = Right now, nothing comes to mind/I can’t think of any, but maybe later something will come to mind/I will be able to think of something”.
“MAG-ISIP ka muna bago ka kumilos. Hindi tama na ginagawa mo kahit ano lang ang MAISIP mo.” = Think first before you act. It’s not right that you do just whatever comes to mind/you can think of.
“Kahapon pa NAG-IISIP si Mary kung ano ang ireregalo niya kay John, pero hanggang ngayon wala pa rin siyang NAIISIP (or MAISIP)” = Since yesterday, Mary has been thinking of what she will give John as a gift, but up to now nothing is coming to mind/she can’t think of anything.
“NAISIP ni Mary na huwag na lang pumunta sa party ni John para hindi na siya MAG-ISIP pa ng regalo” = It occurred to Mary to just not go/Mary thought of just not going instead to John’s party so that she does not have to think of a gift anymore.