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

One example of passive income is the profit realized from a rental property that is owned by investors who are not actively involved in managing the property. Another example is a dividend-producing inventory that pays an annual percentage. While an investor should buy the inventory 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 calculate residual income, the bank determines the applicant's income, and then subtracts the anticipated mortgage, property insurance and taxes. Any monthly payments made to credit cards, installment accounts or student loans are also subtracted from income.

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

Banks compare an applicant's residual income into 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 must have a residual income of at least $1,003 a month when he wants to take out a loan backed by the Veteran's Administration. .

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