Refi for cash flow or payoff early

[Farakh Zaman]

Hi we have a property w/ a 30yr fha loan with 25yrs left at 4%. We talked to our mortgage broker and he said we could refi out of it into a conventional to get rid of the pmi. Question is should we do the 30 to get a bit of cash flow ($120/mo) we break even currently) or reduce the loan term and payoff early (15 yr) with a bit out of pocket ($200/mo) We held onto the property and it has appreciated well so we want to keep it and paying out of pocket doesn't kill us because we don't actually have that much in t. Bought w/ 3k down. Any thoughts and comments appreciated.

[Chingju Hu]

I'll go for cash flow $120/month any day rather than out of pocket $200/month.