Exhibit 12.1

MGIC INVESTMENT CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(in thousands, except for ratio data)

Year ended December 31,

	2012			2011			2010			2009			2008
Loss before taxes and equity investees	$	(928,644	)	$	(484,299	)	$	(359,400	)	$	(1,765,053	)	$	(947,639	)
Distributions from equity investees	—			—			—			—			22,204
Net loss	(928,644		)	(484,299		)	(359,400		)	(1,765,053		)	(925,435		)
Fixed charges:
Interest expense	59,526			69,135			70,621			65,485			65,659
Amortization of debt expense	39,818			34,136			27,968			23,781			15,415
Rent expense (1/4 for 2012-2010, 1/3 for 2009-2008) (reasonable approximation of the interest factor)	2,224			2,429			2,566			3,531			4,074
Total fixed charges	101,568			105,700			101,155			92,797			85,148
Net loss and fixed charges	$	(827,076	)	$	(378,599	)	$	(258,245	)	$	(1,672,256	)	$	(840,287	)
Ratio of net loss and fixed charges to fixed charges			(1)			(1)			(1)			(1)			(1)

(1) Total earnings were insufficient to cover fixed charges by $928.6 million, $484.3 million, $359.4 million, $1.8 billion and $925.4 million in 2012, 2011, 2010, 2009 and 2008 respectively. Total losses included net losses incurred of $2.1 billion, $1.7 billion, $1.6 billion, $3.4 billion and $3.1 billion in 2012, 2011, 2010, 2009 and 2008 respectively.