A payment plan agreement outlines an installment plan to repay an outstanding balance over a specified time frame. How to fill out the Payoff Request Letter Templates?This document provides a sample payoff request letter that can be used as a guide. This form is furnished to give you a statement of actual settlement costs. This is an example of a payoff letter used in a syndicated loan transaction. This payoff letter (including the defined terms such as Lenders,. Creating a payoff letter is essential to any loan or mortgage repayment process. Our free templates and this guide can help you get started. Early Payoff: Pay off the entire mortgage balance before the loan term ends. This can involve extra payments or refinancing.