To pay off this loan sooner or just make minimum payments?

[Jon Gorman]

Hello,

I have a commercial investment property that I bought in 2016. At the time I got a 5-year commercial loan amortized over 20 years, the idea was that every 5 years I would reapply for/refinance the balance at whatever is the going interest rate.

So, in 2021 when it was time to refinance (5 years passed), I was able to get a 10-year loan amortized over 15 years.

Current rate is 4%, maturity date is 9/31, current outstanding balance is 220,742. Current P&I payment is ~$2315/month.

If I wanted to, I could pay an additional ~1100/month and pay off the whole balance by 9/2031. This would save me thousands in interest + not having to pay the closing fees to refinance in 2031. Plus I'm locking in paying down an interest rate of only 4% as opposed to the uncertainty of what interest rates will be in 2031. Or, do you think it would be better to just make the minimum payments, save the extra cashflow to invest in other ways, and just pay the extra interest, closing costs, and likely higher interest rate in 2031? Or split the difference?

Thanks for any suggestions!