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.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 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." A tax warrant is equivalent to a civil judgment against you, and protects New York State's interests and priority in the collection of outstanding tax debt. A written guarantee was later executed. Make payments anytime, anywhere.