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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 instead a calculation which determines just how much discretionary money an individual has available to spend after monthly bills are paid.

One example of passive income is the profit realized from a rental home that's 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 should purchase the stock to realize the passive income, no additional effort is demanded. .

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Residual income is a number that banks often calculate when determining whether applicants can afford 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 is left after the subtractions are done is considered residual income. .

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

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