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.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 10day payoff refers to the time it takes for your new lender to pay off your old loans during a refinance. 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 10day payoff statement tells you the amount you owe toward your loan in order for the loan to be closed and marked as "paid in full." Topside FCU: Your trusted VA credit union! Community Credit Union offering savings, checking, car loans, home loans, credit cards and more with convenient digital banking.