Preheat a waffle iron to medium-high heat according to manufacturer’s directions.
In a small bowl, stir together cream cheese and jelly. Spread mixture onto 4 bread slices. Top each with 2 slices Cheddar, ¼ cup Monterey Jack, and remaining bread.
Brush melted butter onto both sides of sandwiches. Cook until golden brown and cheese is melted, about 4 minutes. Serve immediately.
Recipe by Paula Deen Magazine at https://pauladeenmagazine.com/waffle-grilled-three-cheese-sandwiches-recipe/