CoCR on a paid off property?

[Ian Verzoni]

A year and a half ago I bought a house in cash to avoid a +7% interest rate on my mortgage.  I'm moving and am going to rent it out when I leave this summer.

I'm wondering do I cash out refinance and go get another SFR/invest elsewhere? Or do I just delay getting a mortgage longer?

The CoCR math shows that getting a mortgage is about .5% BETTER CoCR.  However, my big question is how do I account for the money I'm saving by not paying any interest?  My interest payment on a mortgage is over $1000 a month, how do I include these savings in my CoCR or overall investing strategy?