A payoff statement is a document that shows how much money a borrower must submit to fully pay off a loan. If you write to ask how much it costs to pay off your mortgage, the servicer generally has seven business days after receiving your request to answer you.The mortgage payoff calculator helps you find out. Just log in and click on your loan account. Simply click Set Up next to Automatic Payments and follow the prompts. They'll figure out the amount at closing and you'll get the right amount.