Why isn't the equity in our Singapore flat all cash for the next move?

My partner subtracted the loan from the expected sale price and said, "That's $370,000 for the next place." I had put a CPF refund line into our planning sheet. He thought I had accidentally counted the same housing cost twice.

We're both under 55 and considering selling our Singapore flat. For this rounded working example, we're using a $620,000 sale price, a $250,000 outstanding loan and a $180,000 estimated CPF housing refund. That leaves $190,000 before sale-related costs, rather than $370,000 of cash. These are planning figures; we haven't verified the actual settlement amounts or refunds for each of us.

The [CPF Board's explanation](https://www.cpf.gov.sg/member/infohub/educational-resources/sales-proceeds-after-selling-your-home) says CPF used for housing generally has to be refunded with accrued interest. The refunded savings and cash proceeds are different parts of the next-home plan, with different rules about use.

How should we lay out the comparison so we can understand what we could pay, from which funds and when? I don't want him to hear that money has simply vanished. I also don't want us promising a cash payment based on the biggest number in a rough subtraction.