A lender's payoff statement or letter will show the amount you need to pay to completely close out the loan. The amount held in escrow may have been considered in the payoff amount.Just be sure to goes to ins and taxes instead. What are some of the key elements of a mortgage payoff letter? The Vehicle Payoff Sample Letter form is a crucial document for individuals aiming to transfer their vehicle loan to the State Department Federal Credit Union. The mortgage payoff statement is a document that provides a comprehensive breakdown of the remaining balance on a mortgage.