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Passive income is money that is earned from an enterprise that has little or no ongoing effort involved. Residual income is not really a sort of income, but rather a calculation which determines just how much discretionary money an individual has available to spend after most monthly invoices are paid.

One example of passive income is the gain realized from a rental property that is owned by investors who are not actively involved in managing the property. Another illustration is a dividend-producing inventory that pays an annual percentage. While an investor must buy the stock to realize the passive income, no other effort is required. .

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Residual income is a number that banks often calculate when determining whether applicants can manage a mortgage. To compute residual income, the bank determines the applicant's income, and then subtracts the anticipated mortgage, property insurance and taxation. Any monthly payments made to credit cards, installment accounts or student loans also are subtracted from income.

The amount that's left after the subtractions are done is considered residual income. .

Banks compare an applicant's residual income to the price of living in a particular area to determine whether the individual's budget is too tight to handle a mortgage. For instance, an applicant who lives in the South and has a family of four needs to have a residual income of $1,003 per month when he wants to take a loan backed by the Veteran's Administration. .

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