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. That's where a mortgage payoff statement comes in. It lays out each fee and dollar still due before you completely pay off your mortgage. This is an example of a payoff letter used in a syndicated loan transaction. This payoff letter (including the defined terms such as Lenders,. The City of San José processes requests for payoff demands of existing homebuyer and home repair loans, and affordability restrictions (i.e. Santa Clara University.