The payoff amount isn't just your outstanding balance; it also encompasses any interest you owe and potential fees your lender might charge. A mortgage payoff statement details the total amount needed to fully pay off a loan as of a specific date.My guide will walk you through the entire process, from understanding your mortgage terms to updating your records. The mortgage payoff statement is a document that provides a comprehensive breakdown of the remaining balance on a mortgage. There's probably an online form. 1) Call the mortgage department and request an official principal payoff letter. Request a payoff quote. You can calculate a mortgage payoff amount using a formula. If the seller is our client, we request a payoff demand letter so that we know how much the seller will pay from the proceeds of the sale. At that point, you'll have to pay any taxes you deferred in the last three years, plus interest.