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 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. Click on Payments and then click on Request Payoff. It's the payoff amount 10 days in the future. First you need to know what the payoff figure is.