Refi in Los Angeles- to Cash out or not?

[Chris Risi]

Hey all, trying to decide between these two options. Anyone have any advice?

• The interest rate for cash out is 3.875% Principal and interest payment $1,833.92 loan amount $390,000 cash out to you approximately $40,300
• The interest rate for rate&term 3.500% Principal and Interest payment $1,585.13 loan amount $353,000 cash to close $700 for appraisal fee, 0 due at closing.
• $40,000 cash out costs $248 a month difference in payment