Refinance from 15 years loan to 30 years

[Aischa B.]

Hi BP!

I am thinking of refinancing one of my rental property ( currently own 3) Need your help to decide if I should stay at 15 years or go for 30 years. My goal is to eventually pay it off and buy 4th house (owner occupied) this year.

Current mortgage (last refi Jan 2013)

$132,000, 3.12%, 15 years loan, $1625 monthly Rented $2,000 (market value $395,000)

I've already called a local bank. For 15 years, rate is 3.75%, and 4% for 30 years.  Closing cost is about $4,000. 

What do you guys think? Would like to hear your input.