If you are selling your home or refinancing your mortgage and the closing date for the new mortgage is near the due date of the old mortgage, you will still need to make that final payment.

• Pay now or at closing

Mortgage payments include interest that is already owed on the mortgage, so interest is due on the current mortgage right up to the day of closing. If your final payment is not received before closing, you will have to pay the interest owed at closing.

• Pay early

If the dates are too close to be sure the final payment is received and recorded by the bank, send the last check early or make arrangements with the bank or settlement agent so you are not charged with a missed payment or late payment fee.