1st time House Hacking in NJ, Advise on calculating the numbers

[Eric Kelly]

When you are calculating numbers on a house hack scenario would you consider the room/side you are living on apart of the rental income ? 

I am looking at buying a 3br house with a basement than is fully furnished that I can rent out for anywhere from 1200-1300 a month in additional income with fully furnished bathroom. 

Currently paying 1500 a month in rent in my current situation.

Looking to buy a house that is 569k using a conventional loan putting 5% down

Expecting the mortgage with insurance taxes etc to come in at 4,000-4,200.

I am trying to rent the 2 bedrooms out for about 1050-1100 each and the basement out for 1200-1300 a month

When I am adding up the numbers I'm getting a total monthly income of 3400 from the other rooms, leaving me on the hook for the remaining 800 or 600 dollars depending on what the lender comes back with.

Am I calculating this house hack correctly or should I be adding in the fact that I currently pay 1500 a month in rent so by eliminating that payment I am essentially making 700 bucks on the deal considering I am only paying 800 a month towards the mortgage.

This is my first house hack so just trying to ensure I am running the numbers correctly