Refi or Stay the Course

[Travis Hole]

I bought a property in February 2019 as a 50/50 partner with another investor. The other investor is older, and pushed for a 15 year loan due to their age, so I reluctantly agreed even though I would have preferred a 30. Fast forward 9 months and the other investor wants to pay off their half of the property and just collect a check each month. As the numbers were, my 50% net cash profit each month has been about $125 on the 15 year loan. Once my partner pays off their portion, my two options appear to be staying the course and paying off the property more quickly due to my partner knocking out a big chunk or principal or doing a re-fi for my portion of the loan to a 30 year loan and increase my cash flow.

Interest rates have also dropped a lot since we bought back in February, the current rates I've been quoted on a 30 are about .1% higher than what we currently have on our 15. If I was to refi to a 30 for my portion, my cash flow increase from the $125 I mentioned above to about $345.