<prompt> Human: Many thanks to the wisdom of this sub, weve paid off all debt except for our 30y 4.125 fixed rate mortgage, which we have paid into for a decade. We were looking to refinancing into a 15y 3 fixed to get the lower interest rate and pay off the loan five years earlier. My question to you all is: does this make sense? Or would it be wiser to maintain the lower monthly cost, set aside the 447 in a solid, conservative investment, and pay it off all at once down the road? I ask because my spouse and I are self employed, and though we have 3 months emergency savings set aside, I am nervous about the risk of the higher monthly expense - if we go a while in between gigs, we could tap into that conservative investment to pay the mortgage without fear of falling behind in payments. Which is the wiser move?EDIT: My apologies - there is a lot of info I didnt provide!First - this is for an owner-occupied two-flat in a very desirable Chicago neighborhood; one floor is rented out at 1400; could bump that up to 1500-1800 but the spouse is desperate to take over the whole building for more room, or move. That would entail the argument of whether to keep rent or sell, when we live in Chicago, which is hemorrhaging residents. The mortgage started at 415k. Our payment is 2165 which includes an escrow of 735 for taxes insurance. The remaining principal is 277,000. If we refinance the 277,000 into a 15y fixed at 3 no fees; with 1800 in fees wed get 2.875, our monthly payment would be 1913month plus the 735 escrow for a total of 2648 - 483 more than we pay now. Why we hesitate is all the uncertainty: will we continue to get clients that will allow us to maintain our budget? What will happen with rents - so much new construction SFHs selling for 800k down the block but data shows people leaving? CPS schools crumbling, pushing us toward leave do we keep rent or sell? Its the uncertainty that makes me wonder if we should lean on the side of paying less in the short term and more in the long term in the hopes that we can save up a payoff that we never need to dip into. EDIT 2: Those who say the numbers didnt add up, you were right - the purchase price was 415k, I had forgotten about the money down unfortunately, we got the place with no money down, listening to terrible advice from a mortgage broker and instead taking a HELOC that we refinanced into a second mortgage that we finally paid off. So, so stupid. Thats why Im so grateful for the wisdom of this sub. You all are seriously amazing.So SINCERE thanks for the input - Im reading it all and getting a great education! Im leaning towards not refinancing, stuffing as much as we can away in an investment as a bigger e-fund until we build up the payoff amount, and pay it all off at once. Hopefully that strategy will balance my desire for a paid-off property, flexibility, and security - with, thanks to you all, a clear understanding of what those values cost in real dollars!  <response>: This is one of those gut feeling things you have to decide for yourself. I, personally, like the idea of a paid-off house!The question is: In 15 years, do you want your net worth to be making up numbers 400k if you refinance and pay off or 385-440k if you invest the extra instead?Basically, is it worth it to you to lose some POTENTIAL better gains or chance of losses to have an awesome paid-off house?Also, as self-employed, the 15 y mortgage probably has a higher monthly payment. One of you losing income could really matter to have the safety of a lower monthly payment. 