Do you need a loan payoff request form? What is a Payoff Agreement?A payoff agreement is an informal contract in which a creditor agrees to accept the balance of a debt owed as full payment. What is a Payoff Agreement? A payoff agreement is an informal contract in which a creditor agrees to accept the balance of a debt owed as full payment. A Loan Estimate tells you important details about a mortgage loan you have requested. The mortgage payoff calculator helps you find out. By signing the filled-out form, you: 1.