Financing deal analysis w/points

[Jason Lochinger]

Hi Everyone 

Closing on a $350k rental property with financing options listed below. I have run several calculations and would like to hear some opinions. My preference is to reduce the amount paid up front in both fees and downpayment. Which could mean higher interest rate and then refinance next year. But then agin, pay more up front and recoup cost with higher cash flow. I plan to hold the rental for 5+ years. 

20% Down

5.25% no points

4.75% paying 1 point

4.375% paying 2 points

3.625% paying 2.2 points

25% Down

4.625% no points

3.625% 0.75 points

3.5% paying 1 point

3.125% paying 2 points