Question: Do we have to make our last mortgage payment if we are moving?

Answer: The lender is entitled to full and timely payment. If you miss a payment, the lender will file a report with credit bureaus showing the payment as late or missing, depending on when payment is ultimately received (or not received).

This report can set in motion a series of problems you don't want -- the lender for your new home will likely re-check your credit report just before closing, see the late or missed payment, and possibly decline the loan. You would then be required to find financing for the replacement property, something which may not be possible in short order -- especially when lenders look at the credit report.

Worse, if your sale closing is delayed or the deal falls through, you now have an unhappy lender to placate and the money from the missing payment is still due -- plus penalties.

As well, you will have a negative item on your credit report for the next seven years, something that will be problematic when you next apply for a credit card, auto loan, etc.

This is an "eat beans" situation -- live cheap for a few weeks, pay the mortgage, and make lenders happy.