A payoff statement is a document that shows how much money a borrower must submit to fully pay off a loan. A 10 day payoff is crucial to getting your old loans paid off during a refinance.Learn how it works from start to finish. Creating a payoff letter is essential to any loan or mortgage repayment process. Our free templates and this guide can help you get started. Loan Repayment Terms. BORROWER will make payment(s) to LENDER in three (3) separate payments according to the following schedule: 1. I am writing to request a payoff statement for my personal loan with IdeaMate. I would like to settle the outstanding balance on my loan account. Create a Loan Payoff Letter online and download it as a PDF or Word document.