Which Refinance makes sense?

[Account Closed]

I Currently have a remaining FHA 4% mortgage of $529k. Mortgage was taken out in 2015. I would like to take use some of the equity in my house.

This is a investment property that I own, I no longer live here 

My 2 Options are 

1) Refinance to a 30 Year 5.75% w/ a closing cost of $12,000. monthly payment of $3680 a month.  New Loan will be $541k

2) Refinance to a 30 Year 4.75% w/ a Closing Cost of $33,000 ( buying points). monthly payment $3,415 a month. New loan amount $562,000

In both senerios the closing cost will be included in the loan amount.