Creating a payoff letter is essential to any loan or mortgage repayment process. Our free templates and this guide can help you get started.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. Required for vehicle payoff request only. In this tutorial I have shown two methods to create a credit card payoff spreadsheet in Excel use the one which comes in handy for you. A mortgage payoff statement can be a useful piece of documentation for some borrowers to request. Born in North Idaho, we are a credit union that puts down roots to help our members succeed. Be sure to respond so that your card is not closed. About Fraud Center. Loans.