If your lender agrees to settle a debt for less than you owe, you'll need a written agreement of the terms. This document will tell you the amount that you'll need to pay before your balance is resolved in full.What Is a Payoff Statement? The mortgage payoff calculator helps you find out. Say you have a mortgage and want to know exactly how much you'd need to pay to satisfy the loan. A mortgage payoff letter will tell you that magic number. Electronic Payments Most employers are required to pay electronically. Find and complete the forms you need to manage your accounts, switch to BECU, apply for loans, and request other financial services. I received a letter from the bank stating that I paid off the loan. That's what I took into the licensing office.