1) Call the mortgage department and request an official principal payoff letter. This is an example of a payoff letter used in a syndicated loan transaction.This payoff letter (including the defined terms such as Lenders,. One form tells borrowers the remaining principal amount and interest they have to pay to close out the loan. Create a Loan Payoff Letter online and download it as a PDF or Word document. Customize and print a blank Loan Payoff Letter for free.