"Payoff amount" is generally higher than the remaining balance on the home. A mortgage payoff letter can come in two forms.One form tells borrowers the remaining principal amount and interest they have to pay to close out the 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. Request a payoff quote. Use Our Automated System to Make a Loan Payoff Demand Request. A lender's payoff statement or letter will show the amount you need to pay to completely close out the loan. Pay off debt your way. Become a member and become a part of our community.