"Payoff amount" is generally higher than the remaining balance on the home. Filling out this form is straightforward.It lays out each fee and dollar still due before you completely pay off your mortgage. Here's how it works. A mortgage payoff statement offers a clearer picture to the true cost of paying off your loan. Creating a payoff letter is essential to any loan or mortgage repayment process. Our free templates and this guide can help you get started. Do you need a loan payoff request form? Learn what a mortgage payoff statement is, how to request one, and and what to do if your mortgage servicer fails to send it.