It lays out each fee and dollar still due before you completely pay off your mortgage. Here's how it works.The mortgage payoff statement is a document that provides a comprehensive breakdown of the remaining balance on a mortgage. The mortgage payoff calculator helps you find out. 4.94 158 Reviews. Hours. "Payoff amount" is generally higher than the remaining balance on the home. Make a payment on your auto loan, sign up for eStatements, set up recurring payments and more. 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. 5. If you have multiple loans, consider this effective debt payoff strategy.