Notice of Intention to Pay Off Loan enrolled in Budget Drafting (Biweekly Payment) Plan for. 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. 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. Creating a payoff letter is essential to any loan or mortgage repayment process. Our free templates and this guide can help you get started.