Assumable Loan or Purchase Price

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Hi there, I am looking at a property that says it is an assumable loan for $1.7 million (if I were to get approved of course) but then the listing price of the property is $4 million. If I were to assume the loan, does this mean I am paying $1.7 million plus the $4 million or does it mean I only have to pay $1.7 million for the property? 

Thank you for all your help in advance, I am just a bit confused on this.