Should I Refinance Rental Property for $135/mo savings

[Stephanie Gledhill]

I can't decide if I should refi this property. At this time, I think this is a buy and hold investment. The total interest savings is $40k which is attractive. The monthly savings is only $100 and I plan to put monthly cash flow back into paying off the loan faster, so who knows if I would really save the $40k. Loan cost is $4,600 ($1,750 of loan cost is initial escrow pmt at closing. TN requires taxes and insurance to be escrowed).  Any advice is appreciated.

Current Loan 30 year @3.685, New Loan 30 year @3.125 - total interest savings over life of loan = $40,000

Current Payment - $2,182 , New Payment - $2,082

Current Rent - $2,900

Purchase Price 515K 

Current Value $700K - $750K