HELOC: lower APR vs. interest-only payments

[Jon Schwartz]

I'm going to apply for a HELOC on my primary residence to fund BRRRR properties. In shopping around, two options beat the rest, and I'm having trouble deciding between the two.

Option 1 is a 4.05% APR with interest-only payments during the 10-year draw period, and principal-plus-interest payments during the 20-year repayment period. A $100,000 advance during the draw period will cost $337.50/month.

Option 2 is a 3.74% APR with principal-plus-interest payments during both the 10-year draw and 20-year repayment periods. A $100,000 advance during the draw period will cost $471.23/month, with about $160 going toward principal and $312 being interest at the start.

(These are both adjustable rates. They both adjust with PRIME.)

I know there's no "right" answer, but I'm curious to hear opinions. Option 1 means a lower carrying cost. Option 2 costs more, but the interest is less, and the added cost is just buying back equity in my own home.

Which would you choose???

Thanks!