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Passive income is money that is earned from an enterprise which has no ongoing effort involved. Residual income is not actually a sort of income, but instead a calculation that determines how much discretionary money an individual has available to spend after monthly bills are paid.

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

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Residual income is a number that banks often compute when determining whether applicants can manage a mortgage. To calculate 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 performed is considered residual income. .

Banks compare an applicant's residual income to the cost of living in a particular area to determine if the individual's budget is too tight to handle a mortgage. For instance, an applicant that resides in the South and has a family of four needs to have a residual income of at least $1,003 per month if he wishes to take a loan backed by the Veteran's Administration. .

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