Cash out refi terms advice

[Michael Macaluso]

Hey everyone!

I’m in the process of completing my first cash out refinance and I would just like some advice. 

I have two options at my disposal. 
I owe 120k and my property was appraised for 270k. 

My first option is a 70% cash out at a 3.9 rate. With taxes and insurance my payment is 1540. 
My second options is a 75% cash out with a 4.25 rate. With taxes and insurance my payment is 1650. 

I’m sure, for seasoned investors, this isn’t a huge difference. But since this is my first cash out, I’m trying to err on the side of caution. 

Would you take out more cash, have the property cash flow less, and pay a slightly higher rate? Or, take out less cash, have the property cash flow a little more, and pay a slightly lower rate?

Thank you for any reply!