Rolling over profits from sale of home

Haven't talked to a tax accountant yet, but the wife and I are looking to buy a home (we currently have a home we aren't living in) and looking to sell it. We will just use cash on hand now for the down payment for the new home (about $80K), and planning to sell the other home in June.

Once we sell the other home (expecting a profit of about $150K) our plan is to replenish the $80K into bank account that was used for down payment, and roll the remaining $70K into the new mortgage. My question is can we still count the entire $150K as rolled over into new mortgage for tax purposes, even though technically we are putting the $80K back into a bank account to replenish the amount we used for the down payment?