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. Request a payoff quote. 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. Log into Online Banking, select the mortgage account you want to request the payoff quote for. Say you have a mortgage and want to know exactly how much you'd need to pay to satisfy the loan. A mortgage payoff letter will tell you that magic number.