possible assuming loan on MFR

[Jason Johnson]

i came across a MFR here in PA, i was interested so i called the owner and he wanting to sell. after we spoke he said i should look into assuming the loan on his property. i told him send me all info and he did. i new to the commerical real biz, namely assuming loans. i looking for insight into the numbers and a understanding of how to assume this property and if the numbers make sense so i will provide the numbers and im open to all insight and help: sale price $1.7 million existing debt w prepayment penalty of $350k balance on loan is $1.190 million @ 6% monthly loan payments $9,989 loan is conventional maturing 9/2037 am i to understand that if i pay the difference between the sale price and balance ( of qualifing with lender etc etc) that im able to take ownership of this property ( which i would do through a LLC) again any and all help is welcomed. i feel this is a good deal but if i can acquire it for less then a million that would be great.