Bloodrager with Steelblood archetype, with Oracle's variant multiclass and lame curse. Medium character, heavy armor. Level 2.
I calculate as: 30 base, minus 10 curse. So, base is now 20. My speed is never reduced due to encumbered status, which helps none here. Heavy armor on base 20 is 15. Level 2 steelblood ups that by 5 in heavy armor to 20 (my max unencumbered speed). Later on as my curse gains benefit, armor does not reduce my speed. So that would be 20 base, no minus from armor, but I'm already at max.
Correct?
