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.Depending on your lender, you may have to sign in to an online account, call a helpline, or send a formal letter to start the request process. A Satisfaction of Security Instrument is a document that shows an individual has paid a deed of trust or a mortgage in full. The mortgage payoff statement is a document that provides a comprehensive breakdown of the remaining balance on a mortgage. 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 payoff letter shows the remaining balance on your mortgage, including fees, interest, etc.