Creating a payoff letter is essential to any loan or mortgage repayment process. Our free templates and this guide can help you get started.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. A payoff letter shows the remaining balance on your mortgage, including fees, interest, etc. Learn more about what a payoff quote is and how to request one. I set up a Bill Pay in Online Banking, but it didn't get paid. Available Resources. Resource, Problem or Issue, Who Qualifies. A sample letter and a list of possible invitees are enclosed for City Council consideration.