I know there are a lot of factors and I’m probably not giving them all. But when does it really make sense to refinance from a 30-year to a 15 or 20?

My monthly mortgage payment is currently about 16% of my total income. Refinancing to a 15-year would up that to about 21%.

I have no debt, 800+ credit score, and a lot in savings. It’s very tempting.

Or do I just take that extra ~$500 and invest it elsewhere?

I know there are a lot of different ways to view a situation like this but I’m very interested in the idea of paying my house off twice as fast.