diff --git a/src/libxrpl/tx/transactors/lending/LoanSet.cpp b/src/libxrpl/tx/transactors/lending/LoanSet.cpp
index c5b9c420a9..a4575e40b0 100644
--- a/src/libxrpl/tx/transactors/lending/LoanSet.cpp
+++ b/src/libxrpl/tx/transactors/lending/LoanSet.cpp
@@ -439,9 +439,8 @@ LoanSet::doApply()
         principalRequested,
         properties.loanState.managementFeeDue);
 
-    auto const vaultMaximum = *vaultSle->at(sfAssetsMaximum);
     XRPL_ASSERT_PARTS(
-        vaultMaximum == 0 || vaultMaximum > *vaultTotalProxy,
+        *vaultSle->at(sfAssetsMaximum) == 0 || *vaultSle->at(sfAssetsMaximum) > *vaultTotalProxy,
         "xrpl::LoanSet::doApply",
         "Vault is below maximum limit");
 
@@ -492,8 +491,9 @@ LoanSet::doApply()
 
     auto const loanAssetsToBorrower = principalRequested - originationFee;
 
-    auto const newDebtDelta = principalRequested + state.interestDue;
-    auto const newDebtTotal = brokerSle->at(sfDebtTotal) + newDebtDelta;
+    auto const [assetsTotalDelta, debtTotalDelta] =
+        loanOriginationDeltas(ctx_.view().rules(), vaultSle, principalRequested, state.interestDue);
+    auto const newDebtTotal = brokerSle->at(sfDebtTotal) + debtTotalDelta;
     if (auto const debtMaximum = brokerSle->at(sfDebtMaximum);
         debtMaximum != 0 && debtMaximum < newDebtTotal)
     {
@@ -635,8 +635,6 @@ LoanSet::doApply()
     view.insert(loan);
 
     // Update the balances in the vault
-    auto const [assetsTotalDelta, debtTotalDelta] =
-        loanOriginationDeltas(ctx_.view().rules(), vaultSle, principalRequested, state.interestDue);
     vaultAvailableProxy -= principalRequested;
     vaultTotalProxy += assetsTotalDelta;
     XRPL_ASSERT_PARTS(
diff --git a/src/test/app/Loan_test.cpp b/src/test/app/Loan_test.cpp
index ad21a82462..8a6f1669df 100644
--- a/src/test/app/Loan_test.cpp
+++ b/src/test/app/Loan_test.cpp
@@ -8684,8 +8684,7 @@ protected:
         }
 
         // AssetsMaximum guard checks interestDue headroom only under
-        // whole-life accounting (cash-basis never adds interest to
-        // AssetsTotal). DebtMaximum guard is unconditional either way.
+        // whole-life accounting; DebtMaximum guard also varies by model.
         auto runVaultGuard = [&](FeatureBitset features, Number const& slack, TER expected) {
             Env env(*this, features);
 
@@ -8761,12 +8760,16 @@ protected:
             runVaultGuard(all_ | featureLendingProtocolV1_1, oneDrop, tesSUCCESS);
         }
 
-        for (auto const features : {all_ | featureLendingProtocolV1_1, all_})
+        // DebtMaximum guard: cash-basis projects principal-only DebtTotal;
+        // whole-life projects principal + interestDue.
+        for (auto const cashBasis : {true, false})
         {
             testcase(
-                std::string("cash-basis: LoanSet DebtMaximum guard unaffected by amendment (") +
-                (features[featureLendingProtocolV1_1] ? "enabled)" : "disabled)"));
-            Number const newDebtTotal = principalOutstandingCash + interestDueCash;
+                std::string("LoanSet DebtMaximum guard (") +
+                (cashBasis ? "cash-basis)" : "whole-life)"));
+            auto const features = cashBasis ? all_ | featureLendingProtocolV1_1 : all_;
+            Number const newDebtTotal =
+                principalOutstandingCash + (cashBasis ? Number{} : interestDueCash);
             runBrokerGuard(features, newDebtTotal - oneDrop, tecLIMIT_EXCEEDED);
             runBrokerGuard(features, newDebtTotal, tesSUCCESS);
         }