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

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

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Residual income is a number that banks often compute when determining whether applicants can afford a mortgage. To compute 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 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 into the cost of living in a special area to determine if the individual's budget is too tight to handle a mortgage. For instance, an applicant who resides in the South and has a family of four must have a residual income of $1,003 per month when he wants to take out a loan backed by the Veteran's Administration. .

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