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Cake day: November 25th, 2023

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  • joe703622OPBtoSmall Business@indiehackers.spaceMy SBA loan is 11%
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    1 year ago

    So, I’m just looking at amort calc online.

    My current payment is around $10k. Like you said, this doesn’t change my rate problem. It just lowers my payment, and I must focus on tackling the principle in huge chunks. I don’t want to get comfortable and just let it ride the new term and keep making monthly payments. I really want to get this done and pay them off. I have five years left on it. With new terms, it will drop to $5,500 or lower. If the Fed decides to roll back on the hikes in 2024-2026, the loan rate might decrease to 7-9, but that’s if. But I can use an extra 60-70K which will free up my cashflow. Which I could literally use to pay the principle or hire a new person.