Do not give up!!
First, congrats on your improvement! 7 points is a big jump and I know you may be discouraged but the jump will show to the admissions council. For you and anyone else in your position, do not give up on yourself or this dream.
I am in a very similar position. I took the MCAT in January 2016 and scored a 495. It was six weeks after I graduated undergrad. I studied full-time in those six weeks but as you and many others know, that is not nearly enough time to prepare for this and I was not prepared what-so-ever but I took it anyways knowing the practice would be helpful. I signed up to retake it ASAP and took it June 2nd. I scored 499 (only a 4 pt jump...). I was heartbroken and still am. I studied my butt off and did not expect it to be THAT low. But upon reflection I was so burnt out and discouraged from my first exam and while I studied hard, I did not study well. Thinking about my score can still make me upset. Reading this forum and seeing how well everyone else did can make me feel stupid and upset. BUT I am constantly reminding myself that I cannot give up because my MCAT score does not define me. I am not naive and know that it is a very important aspect of the application and it will affect the decisions made by admissions councils. But there is nothing I can do about my past scores so from here on out I will be highlighting every other aspect of my application. And I recommend you do the same! Put your energy into making your secondaries perfect. Practice interviewing so that your potential interviews will be strong. DO NOT GIVE UP! Have faith that all the hard work you have put in thus far will pay off soon. Maybe you have to reapply next year, I may have to as well, but know this is what you want to do so do not let the MCAT bring you down.
As far as retaking the MCAT, I made the decision not to retake it this year. With my past two being so recent & mediocre, I don't feel that retaking it again in August/September will be super beneficial (unless I KILL it - but I cannot predict nor expect that). I have decided that if I do not hear anything as far as interviews/admissions by January then I will plan to retake it next April/May for the next application cycle. That gives me enough time to prepare without being burnt out from the previous retake.
What you do is up to you, but I wanted you to have another story to reference! I applied both MD (lightly/smart - no where that I am not competitive) and DO (again smart - some DO schools are very competitive as well!).
For all of you who scored well and where you wanted, congratulations! You should be proud of the hard work you put in to achieve that score. Best of luck to everyone!
ugh I can't believe I have to start studying again. I am happy for all of you who did well. Try to help this poor dude who didn't do well with your exams and love 
