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. A payoff letter provides instructions on how to pay off a loan with a lump sum before the loan term ends. Learn how payoff letters work. Congratulations on paying off your mortgage with U.S. Bank! Discover what steps you need to take after your mortgage is fully paid off. When will I receive my year-end interest statement? Can I mail my payment?