15 vs. 30 Year Loan

[Izac Sheforgen]

Looking for any recommendations on mortgages. I currently own a single family home and have an FHA 3.6% interest rate 30 year loan in which I pay $1,559 per month, which includes PMI. I currently rent out the extra rooms and pay most of my mortgage. I'm looking to purchase a duplex in the Spring, which I'm hoping to owner occupy. My question is, should I refinance my current mortgage to a conventional 15 year or 30 year loan? The interest rate for the 15 year is 2.625 % and 30 year is 2.9%. My payment for the 15 year loan would be $1,944 and the 30 year would be $1,440, which both include PMI. I know I can do a 30 year and pay extra, but I would still pay much more in interest over the full loan term.

I'm wondering what people suggest in this situation. Do I pay down my home faster with a 15-year or save the money for my next investment property? Should I am to get rid of PMI as fast as possible or save the money for the next property?

Thanks in advanced for replies!