A mortgage payoff letter can come in two forms. One form tells borrowers the remaining principal amount and interest they have to pay to close out the loan.1) Call the mortgage department and request an official principal payoff letter. We do not give payoff quotes over the phone. Paying off your mortgage early can save money in the long run. A deed of reconveyance is a document that indicates you've fully paid off your mortgage. Learn more about it in this guide.