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.Please include a per diem amount in the statement. This is an example of a payoff letter used in a syndicated loan transaction. This payoff letter (including the defined terms such as Lenders,. If you pay off someone, you give them the amount of money that you owe them or that they are asking for, so that they will not take action against you.