• Mortgage balance. On selling your home, you'll have to pay off the balance of your mortgage loan. To estimate that amount, subtract from the current balance the additional payments you'll make before the closing date. Any home equity loans (second mortgages) will have to be repaid, as well. Also, call your lender and find out what they'll charge for prepayment penalties (if any) or processing the paperwork.

• Closing costs. As you're wrapping up the sale of your home on closing day, the buyer isn't the only one who will be hit up for money! Be prepared to shell out cash for the real estate agent commissions if you're using an agent (6% of the sale price is typical in Florida), repair work on your home as the result of inspections, any unpaid property taxes and document stamps (or taxes) on the deed based on the price of the property

• Moving. The costs here will vary widely depending on how far away you're moving, how much furniture you have and whether a new employer is paying for all or part of your move. Call several moving companies and get estimates before you choose one.

Profit formula.
To figure out how much cash you'll have access to after the sale, simply subtract the expenses we just mentioned from your home's (estimated) sale price. That's the amount you can apply toward your next purchase—see Financing in the Buyer's section for more information.