<prompt> Human: I bought my first house last year for 225k. My payment us just over 1500 but I have them automatically take out 2k each month. On top of that, I throw in an extra grand to principle once in a while. Its been 10 months and Im down to 200k. Ive been thinking about refinancing because my current rate is 4.875. I got a few decent quotes for a 30 year but just stayed looking at 15 year loans. My apr on a 15 year would be 2.95. That would only raise my payment to 1700. Id just drop my additional principle payment to 300 and keep paying the same 2k each month but pay the house off way faster.What are the cons of doing this? Im not married, no kids, no other loans or debt. I make about 80k right now so Im not struggling to make my payments at all.  <response>: Not considering that you will be dropping your principal so fast with the additional principal it will take you about about 17 months to recapture your refi closing cost.I have to ask how strong your short, medium, long and retirement savings are. If EF is at 6 months and you are fully funded I do not see an issue with refinance. Cannot help but wonder if you would not be better served with investing that extra 300 a month in something long range. 2.98 percent is pretty cheap and hopefully investment will beat that over time.If plenty is socked away to ride out a dip in income and retirement getting funded go for it. 