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. A payoff agreement is an informal contract in which a creditor agrees to accept the balance of a debt owed as full payment. Rather, reach out to our office directly and speak with a Section 32. Put the property address and loan number on the payoff check or cover letter. Have questions about your loan? Browse our frequently asked questions to find answers. You will receive a confirmation letter once you have been successfully enrolled in the automatic payment program.