Which option you choosing on 10 year Arm

I’m pretty sure I know the answer but the two offers I have right now are as follows:

1. 5.75 on a 10/6 Arm with closing costs covered and 1k in additional credit to reduce loan balance. This leads to approx 5100 payment.
2. 5.5 10 year arm with about 4k in closing costs. This leads to approx 4950 payment.

Our current rate is 6.4 and we’ve been paying extra towards principal to move up the amortization schedule. Our payment is 5950 currently so the break even clearly makes sense to refi but which option makes the most sense.

We could also pay $500 to recast but no point when I can lower the rate for free but this would bring the payment down to 5450 monthly.