Refinancing One Property to put Downpaymet On Another

[Matt Virnau]

I own land in TX that I plan to refinance with cash out to use towards the down payment on my first rental property.  When I run the numbers on potential properties to buy, I use the sum of the first years interest divided by 12 as a monthly expense.  Is that the best way to factor in the cost of the refinance?  Should I be including the principal in that expense?