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If you change the type of an EC2 instance the information is not lost (except for the instance store-backed instances), so your application should be working as usual.
To be sure that you can do the change follow the next steps:
- First, check the compatibility of your instance type with the new type that you want to have: Compatibility for changing the instance type.
- Then, check the Considerations for compatible instance types list.
To do the instance type change follow the next steps:
- Shutdown the instance (make sure the shutdown behavior is not set to terminate).
- Change the instance type and
- Start the instance again.
For detailed information about changing the instance type, have a look at the Change the instance type documentation.
Regarding the pricing, when you change the instance type, you'll start paying the rate of the new instance type. For the on-demand rates of all instance types, see Amazon EC2 On-Demand Pricing. So if your new instance is less expensive you will reduce your final cost.
I recommend you to have a look at the Get recommendations for an instance type for having a better insight of the better instance type to use for your workload.
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