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.Include the loan or mortgage number. 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. {This is an Adjustable Rate Mortgage. Under the terms of this loan the next Change Date for the interest rate charged is {Insert Next Rate Change Date}. A payoff agreement is an informal contract in which a creditor agrees to accept the balance of a debt owed as full payment. This is an example of a payoff letter used in a syndicated loan transaction. This payoff letter (including the defined terms such as Lenders,.