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.I have an auto loan with 14k that I'm about to pay off entirely to avoid interest and allow me to have more financial flexibility month to month. You can request a payoff statement online 24 hours a day, seven days a week. To request a statement from Freedom Mortgage, log in to your account or mobile app. I am looking for answers about the practical limitations of using a balance transfer to accept and minimize someone else's credit card debt. 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. 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.