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.{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 Request Form is an essential document for those looking to fulfill the remaining balance on a home equity line of credit. It also often gives information on how best to deliver the payoff funds, etc. It's more akin to a form letter, rather than a periodic statement. Please fill out the request form. Each point is equal to 1 percent of the loan amount (e.g. August 31, 2021, Download.