Multiple loan deal analysis

[Daniel Pearson]

Hi all. There's a home in our neighborhood with a basement apartment being sold by a friend who really needs to get out. We would assume the loan, but would need to get a loan on top to match market price (minus a discount). The upstairs would rent for $2,400, the downstairs would rent for $1,700. Upstairs has 5 bed, 3 bath and is about 2,000 sq ft. Downstairs is 3 bed 1.5 bath and 1,500 sq ft. Loan details are $500,000 assumable at 2.875% and an additional $175,000 at current rates (probably close to 7%). 

I can't seem to be able to wrap my head around this using the tools here (tools don't allow for multiple loans that I know of, and numbers have never been my forte'). Anyone willing to help crunch the numbers for me? We would manage it ourselves, so for the time being there would be no management fees. And the home is only a couple years old, so repairs and other things would be very low.