This is an example of a payoff letter used in a syndicated loan transaction. This payoff letter (including the defined terms such as Lenders,.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. Create a Loan Payoff Letter online and download it as a PDF or Word document. Customize and print a blank Loan Payoff Letter for free. Arrange for payoff of loans. The seller should advise its bank of the projected closing date and request a pay-off letter. Mortgage (a sample request letter appears at the end of this article). 3. Note: This form must be downloaded to your device in order to be filled out properly.