Clinical heterogeneity is common in Mendelian disease, but small sample sizes make it difficult to identify specific contributing factors. However, if a rare disease represents the severely affected extreme of a spectrum of phenotypic variation, then modifier effects may be apparent within a larger subset of the population. Analyses that take advantage of this full spectrum could have substantially increased power. To test this, we developed cryptic phenotype analysis (CPA), a model-based approach that uses symptom data to infer latent quantitative traits that capture disease-related phenotypic variability. By applying this approach to 50 Mendelian diseases in two large cohorts of patients, we found that these quantitative traits reliably captured disease severity. We then conducted genome-wide association analyses for five of the inferred cryptic phenotypes, uncovering common variation that was predictive of Mendelian disease-related diagnoses and outcomes. Overall, this study highlights the utility of computationally derived phenotypes and biobank-scale cohorts for investigating the complex genetic architecture of Mendelian diseases.