EXHIBIT 10.6

                             EXECUTIVE BONUS PLAN OF
                           MGIC INVESTMENT CORPORATION
                                 (the "Company")

The Executive Bonus Plan of the Company in effect for 2003 (which is not
contained in a formal plan document), applied to certain officers of the
Company, including the executive officers of the Company identified in the Form
10-K for the year ended December 31, 2003. Under the Executive Bonus Plan,
bonuses were awarded based on the Company's net earnings in 2003 and the
individual performance of the executive officer during the year. The maximum
bonus that an executive officer could receive ranged from 120% to 200% of the
officer's base salary as of the end of 2003. The officer could elect to receive
up to one-third of the bonus in restricted stock of the Company that vested in
one year. For each share of restricted stock so elected, the Company awarded one
and one-half shares of restricted stock that vested in three years.