Creating a payoff letter is essential to any loan or mortgage repayment process. Our free templates and this guide can help you get started.Use a standard business letter format with your name, contact information, and the date at the top. If the borrower paid off the account balance prior to closing, the lender may provide proof of payoff in lieu of verifying funds to cover the account balance. Download and print forms, savings and checking forms, savings and checking forms, loan forms, business applications, business forms. Can you send my statement earlier in the month? Interest accrues on your student loan balance every day. Fill out accompanying spreadsheet and return in Excel format: â—‹ System features and functionalities. â—‹ Vendor information. Do not include a credit report as proof of payoff.