1031 Exchange Amount to Invest

[Diane Tycangco]

Hello everyone, I am thinking about doing a 1031 exchange.  How do I calculate how much I should invest in the new property?  Do I get the sale proceeds, subtract loan balance payment, the closing costs of buying the property I sold and selling costs = the downpayment plus closing costs of the new property?  Or is it just sales proceeds minus loans and then I have to come up with cash for the closing costs of the new property? Thanks!