Phoenix REFI-Question on Short Term Rental Property

[Chris Risi]

Hi all,

I bought a property in Phoenix with hard money and after renovation, I'm refinancing right now. It will be used as a short term rental. Does anyone have any advice on which option is best on the loan terms?

$319k – 30 YR FIXED @ 6.5% with ½ point = $2020 P&I ($2204 with taxes and insurance)
Cash Due At Closing = $4744

$319k – 30 YR FIXED @ 6.125% with 1.5% points = $1941 P&I ($2,125 with taxes and insurance)
Cash Due At Closing = $7923

$319k – 30 YR FIXED @ 6.625% with ½ point = $1764 Interest payment ($1948 with taxes and insurance)
Cash Due At Closing = $4749

$319k – 30 YR FIXED @ 6.25% with 1.5% Points = $1664 Interest payment ($1848 with taxes and insurance)
Cash Due At Closing = $7929

Any thoughts/guidance would be appreciated!

Chris