MGIC INVESTMENT CORPORATIONCOMPUTATION
OF RATIO OF EARNINGS TO FIXED CHARGES

(in thousands, except for ratio data)

	Three months ended		Year ended December 31,
	March 31, 2005		2004		2003		2002		2001		2000
Income before taxes and equity investees	$	207,425	$	591,777	$	575,797	$	816,402	$	888,529	$	766,942
Distributions from equity investees		60,375		82,300		27,450		20,137		20,261		2,500
Net earnings		267,800		674,077		603,247		836,539		908,790		769,442
Fixed charges:
Interest expense		10,255		40,046		39,995		36,776		30,623		28,759
Amortization of debt expense		467		1,085		1,118		1,151		680		523
Rent expense (1/3) (reasonable
approximation of the interest
factor)		1,010		3,911		3,975		3,666		3,424		2,919
Total fixed charges		11,732		45,042		45,088		41,593		34,727		32,201
Net earnings and fixed charges	$	279,532	$	719,119	$	648,335	$	878,132	$	943,517	$	801,643
Ratio of net earnings and fixed charges
to fixed charges		23.8		16.0		14.4		21.1		27.2		24.9