Start with gross equity: sale price minus remaining mortgage balance. From there, subtract seller closing costs, typically 4 to 6 percent covering commission, legal fees and adjustments together, to land on what actually reaches your account at possession.
That net figure is not the same as spendable cash, since whatever you put toward a next home, a smaller house, a condo or a rental deposit, comes out of it before anything else does.
Joel Dyck runs this exact math against a hand-reviewed valuation of your current home before you commit to a next step. Get your hand-reviewed valuation from Joel Dyck.