Effective October 1, 2023, a significant change was made to Florida Statute §701.04 governing the substance of estoppel lettersaka payoff statements. You can calculate a mortgage payoff amount using a formula.It's a statement that breaks down the payoff figure for the loan assuming no intervening payments, on a future (specified) date. This estoppel letter MUST be sent within 14 days of the request or there is a risk of sanctions, including monetary penalties. The payoff amount isn't just your outstanding balance; it also encompasses any interest you owe and potential fees your lender might charge. The mortgage payoff calculator helps you find out. The bank is required to prepare and record in the public records where the property is located a "satisfaction of mortgage."