A lender's payoff statement or letter will show the amount you need to pay to completely close out the loan. The mortgage payoff statement is a document that provides a comprehensive breakdown of the remaining balance on a mortgage.The Payment to Payoff Program allows you to pay on your mortgage every two weeks. Each payment is equal to half of your monthly mortgage payment. This statement serves as a record of the final mortgage payment and is important for tax purposes, as mortgage interest is taxdeductible. The mortgage payoff calculator helps you find out. The payoff amount isn't just your outstanding balance; it also encompasses any interest you owe and potential fees your lender might charge. Mortgage Payoff Calculator: See how changes in your payment can affect your payoff time. Estimate how much you can save, and how much equity you can create. This is just one of several free online mortgage calculators we offer about various home loan related scenarios.