To figure out how much is owed to completely pay off a loan, a borrower must request a formal loan payoff statement from their lender. 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. Reach out at 714-766-0434 to converse with our skilled sales team who are ready to extend the personalized, professional service you deserve. Check out the payoff instructions on the Payoff Statement. Depending on your lender, you may have to sign in to an online account, call a helpline, or send a formal letter to start the request process. Yes. The principal balance is the amount of money you will have to pay - if you pay off the mortgage within a certain amount of time. The mortgage payoff statement is a document that provides a comprehensive breakdown of the remaining balance on a mortgage. Get help with home loans, refinancing, home equity loans, and payoff requests. For Homeowners Insurance, press 1.