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.The mortgage payoff calculator helps you find out. A mortgage payoff statement can be a useful piece of documentation for some borrowers to request. Out refinance allows you to use your home as collateral for a new loan, creating a new mortgage for a larger amount than currently owed. Request a payoff quote. Click on Payments and then click on Request Payoff. Alternatively, your lender may have a form you must fill out.