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 shows the remaining balance on your mortgage, including fees, interest, etc. Learn more about what a payoff quote is and how to request one. 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. Request a payoff quote. A mortgage payoff statement details the total amount needed to fully pay off a loan as of a specific date. Interested in borrowing money for a mortgage, personal loan, or auto loan? Read through these common FAQs with Fifth Third Bank to learn more and apply.