There is now a Get-FileHash function which is very handy.
PS C:\> Get-FileHash C:\Users\Andris\Downloads\Contoso8_1_ENT.iso -Algorithm SHA384 | Format-List
Algorithm : SHA384
Hash : 20AB1C2EE19FC96A7C66E33917D191A24E3CE9DAC99DB7C786ACCE31E559144FEAFC695C58E508E2EBBC9D3C96F21FA3
Path : C:\Users\Andris\Downloads\Contoso8_1_ENT.iso
Just change SHA384
to MD5
.
The example is from the official documentation of PowerShell 5.1. The documentation has more examples.