Refinance Decision - Need Advice

[Frederic M Kinkin]

I have a Rental currently with $95k left on a 15yr VA mortgage at 3.00%, 8 years remaining until it is paid off in full. I was quoted 2.375% for a 15yr and closing costs would be ~$1750.

Cash flow would increase by about $550 but the tradeoff would be adding back 7 years (increasing back up to 15yr) to pay off completely (which would also add interest payment over life of loan). 

My thought is that the extra cash flow would enable me to purchase a second rental at some point in the near future. I had always planned on having it paid off in 2028 when I potentially will lose an income stream from retiring from the reserves.

Would love to receive some advice as to if the refinance makes sense.