A mortgage payoff statement details the total amount needed to fully pay off a loan as of a specific date. 1. Enter your personal information and amount owed.A 10 day payoff is crucial to getting your old loans paid off during a refinance. Learn how it works from start to finish. Creating a payoff letter is essential to any loan or mortgage repayment process. Our free templates and this guide can help you get started. A lender's payoff statement or letter will show the amount you need to pay to completely close out the loan.