Title No. STATE OF NEW YORK : : ss. Creating a payoff letter is essential to any loan or mortgage repayment process.Our free templates and this guide can help you get started. Use a standard business letter format with your name, contact information, and the date at the top. What are some of the key elements of a mortgage payoff letter? 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. What is a mortgage payoff statement? It details the exact money needed to pay off a mortgage. Create a Loan Payoff Letter online and download it as a PDF or Word document.