Creating a payoff letter is essential to any loan or mortgage repayment process. Our free templates and this guide can help you get started.This is an example of a payoff letter used in a syndicated loan transaction. This payoff letter (including the defined terms such as Lenders,. 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. Create a Loan Payoff Letter online and download it as a PDF or Word document. Customize and print a blank Loan Payoff Letter for free. First you need to know what the payoff figure is. Before his presidency, he gained fame as a general in the U.S. Army and served in both houses of the U.S. Congress.