Should I refinance?

[Mia Trasolini]

Hello fellow investors,

Looking for thoughts/advice on this refinance situation.

This property is a 2/1. Purchased for 76,000. Fixed it up. Renting it for $1325/month.

Currently have a $60,800 mortgage w/ 5.75% rate. Monthly payment is $355.

Two separate refinance offers.

1). $3,500 in closing cost. New rate 5%, monthly payment $326. Saving $6,940 during 30 year loan (closing cost-difference in monthly payment).

2). $3,500 closing cost +$1,500 in points, New rate 3.75%, monthly payment $282. Saving $21,280 during loan.

Does it make sense to pay out of pocket now to save during the long run? I know these rates seem high it is because its such a small amount and an investment property. Called multiple mortgage companies to refinance and no one was interested. This offer is actually from Wells Fargo.