Help! Is it wise to refinance my FHA to a conventional loan?

[Lily Sellers]

Bought the house for 198k over a year ago with an FHA loan and I have a $1059 mortgage. It is now worth about 245k and I have lived in the house for over a year and want to buy another property. I was wondering if it would be a smart move to refinance the house since I now have about 20% equity in the house to get rid of the PMI (which is about 130$ a month) so I can generate more monthly cash flow. I've read it would cost about 4-6k for closing cost on refinancing to a conventional loan. Would it be wise to just keep the FHA and seek out regular conventional loans for future purchases, or would it be better to go ahead and refinance into a conventional loan? Also, other than the 130$ that I will be saving from not paying a PMI, would the mortgage be lower as well? (not including the PMI since that will obviously already lower the payment) Thanks in advance friends!