Calcium Phosphate is insoluble at normal pH. It's one reason that the addtion of Ca(OH)2 (kalkwasser) to marine tanks reduces phosphate. It precipitates out as CaHPO4.
But it will be more soluble in the acidic environment of the gut.
After a little more hunting, I found that I was wrong about Ca intake. Most FW fish take it up through the gills from the water, using specialized cells called "chloride cells." The mechanisms for pumping Ca into the blood are quite interesting, and different from how the same transport happens in the gut.
Under circumstances of low external Ca, they will take it in via the food, though.
So, if PO4 rises high enough to precipitate the available Ca, then the fish will be forced to rely on Ca in the food. Is there a metabolic cost to this, I have no idea. There is probably an answer in the aquaculture literature, but I don't have time to pursue it right now.