1031 Exchange - Downpayment on target property

[Terry N.]

Newbie trying to understand 1031. I know much has been discussed but not finding answer to these particulars.  Any input appreciated! 

Say I am able to sell my current property for $400k.  

Loan balance = $200K. Purchase original price was $250K.  A gain of $150K. 

I need to purchase in kind a subject property also valued at $400K.  

Do I have to put $150K of the sale into the property since that was the gain?

Assuming 8% of sale goes to fees and expenses ($30Kish - would love that to be less!) 

$400k Sale minus loan balance ($200K) minus sale expenses ($30K) minus deposit ($100K) = $70K

If I have to put $150K into it that $70K is reduced to $20K...which I'd be OK with...$70 would be better though.

Any help appreciated!

TN