Edit, sign, and share private mortgage payoff letter template online. No need to install software, just go to DocHub, and sign up instantly and for free.What is a Payoff Agreement? A payoff agreement is an informal contract in which a creditor agrees to accept the balance of a debt owed as full payment. Our Payoff Letter template facilitates easy loan settlements. This document clearly outlines the final payment amount, including any interest or fees. Salt Lake City, UT 84165-0250. The process should take a minimum of 30 days to complete. Creating a payoff letter is essential to any loan or mortgage repayment process. Our free templates and this guide can help you get started.