Refinance into a higher interest fixed rate mortgage from a yearly variable rate?

[Matthew Christian]

I found myself as a reluctant landlord 5 years ago.  I had to move across country from my condominium.  I couldn't afford to sell off the property at a loss and ended up renting it out.  I have a property manager and it's been fairly easy.  I am overall cash flow negative on the property, but the loss is usually around $1000 per year, and we typically pay down about $4500 per year in principal.

I had a 5/1 ARM, but didn't refinance it at the time it changed over to yearly rate change. The variable rates have been good. This year we are at 3.5%. The rate is capped at 6%. I recently looked into a refinance. A 30 year mortgage for $145k would have $3k in closing costs rolled into the loan. PITI would be about $1100 per month. The rate is 4.625%

My current loan PITI is about $1200 per month.

The condo was appraised at $186k through the HARP process.  Probably more like $170k is what I could sell it for.  I currently owe about $140k on my loan.  20 more years are left on the current payment structure.

Is it worth it to get a fixed rate for an extra $100 per month cash flow, but at the same time know that I am spending more in interest over the long term?  The negative cash flow of about $1000 per year is not really that big of a deal for me.  I make plenty of money with my regular job and don't consider myself to be any sort of real estate professional.

Thanks for any advice.