FHA Mortgage Insurance

[Tyler Jordison]

Hello BP, 

I am getting ever closer to house hacking my first small multi on an FHA loan and have a quick question -

We plan on buying with an FHA 3.5% loan, 30 year. I know this comes with two mortgage insurance premiums. The upfront premium of 1.75% of the loan amount (can be rolled into loan amount), and the annual premium. For my 30-year at 3.5% my annual premium would be 0.85% of the loan.

Lets say I am looking for a property that will cost 200K. My annual premium would be (0.0085) * 200,000 = 1,700/year divided by 12 = $141.67 per month. My question is this - when I am running reports on properties (lets say on the BP calcs), do I have to add $141.67 EXTRA per month, in the calculation or is this already accounted for in the P&I? I figured added extra, but I wanted to check for sure. 

Thanks all!