Should you get the newest cell phone or keep your older model? How do installment plans and contracts measure up? This calculator will help you compare the total cost of plans with different price structures over the next two years. Total costs are based on the accounting principle of Net Present Value.
Option 1
Option 2
2 Year Total Cost (NPV)
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2 Year Total Cost (NPV)
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iPhone Savings Report
Infographic Assumptions
Costs quoted in the above infographic reflect the Net Present Value (NPV) of a 128 GB iPhone 14 under the following types of plans:
Individual Plans
|
NO CONTRACT (BUY PHONE UP-FRONT) |
INSTALLMENT PLAN (CARRIER) |
INSTALLMENT PLAN (APPLE) |
AT&T |
AT&T Unlimited ExtraSM |
AT&T Unlimited ExtraSM |
AT&T Unlimited ExtraSM |
T-Mobile |
T-Mobile Essentials |
T-Mobile Essentials |
T-Mobile Essentials |
Verizon |
5G Do More |
5G Do More |
5G Do More |
Visible |
Visible Plan |
N/A |
N/A |
Walmart Family Mobile |
Family Mobile Plan – Truly Unlimited |
N/A |
N/A |
Boost Mobile |
Go Unlimited |
N/A |
N/A |
Metro by T-Mobile |
Unlimited High-Speed |
N/A |
N/A |
Cricket Wireless |
Unlimited Cricket |
N/A |
N/A |
Straight Talk |
Silver Unlimited |
N/A |
N/A |
Page Plus |
The $55 |
N/A |
N/A |
UScellular |
Unlimited Data - Even Better 2.0 |
N/A |
N/A |
Consumer Cellular |
Unlimited Data |
N/A |
N/A |
H2O Wireless |
Unlimited XL |
N/A |
N/A |
Boom Mobile |
Boom!RED 40GB |
N/A |
N/A |
Republic Wireless |
Everywhere You Go |
N/A |
N/A |
Total Wireless |
Totally Unlimited |
N/A |
N/A |
Family Plans (4 lines)
|
NO CONTRACT (BUY PHONE UP-FRONT) |
INSTALLMENT PLAN (CARRIER) |
INSTALLMENT PLAN (APPLE) |
AT&T |
AT&T Unlimited ExtraSM |
AT&T Unlimited ExtraSM |
AT&T Unlimited ExtraSM |
T-Mobile |
T-Mobile Essentials |
T-Mobile Essentials |
T-Mobile Essentials |
Verizon |
5G Do More |
5G Do More |
5G Do More |
Cricket Wireless |
Unlimited Cricket |
N/A |
N/A |
Walmart Family Mobile |
Family Mobile Plan – Truly Unlimited |
N/A |
N/A |
Boost Mobile |
Boost Mobile Unlimited $50 |
N/A |
N/A |
Metro by T-Mobile |
Unlimited High-Speed |
N/A |
N/A |
UScellular |
Unlimited Data - Even Better 2.0 |
N/A |
N/A |
Republic Wireless |
Everywhere You Go |
N/A |
N/A |
Data is accurate as of 9:00 a.m. ET on 09/14/2022.
Notes:
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Apple’s iPhone Carrier Device Payment Program ‐ the Apple Installment Plan ‐ allows users to pay for their phone in monthly installments made directly to Apple and upgrade to a new iPhone every year.
With that in mind, we combined the cost of Apple’s monthly installment plan with that of the most advantageous data plans available from individual carriers to provide a more-detailed comparison.
- For family plans, we assumed one device would be purchased and three existing devices could be included in the data plan with no compatibility issues. These lines are new connections with the carrier; thus, they pay activation fees.
- All plan data was collected for online pre-orders. Installment-plan costs assume excellent credit.
- We considered single unlimited plans that might reduce the data speed only if the network was crowded and after at least 35GB of traffic.
- AT&T currently offers only 36-month installment plans, for comparison purposes, the pricing has been adjusted to reflect a 2-year agreement.
- AT&T currently offers the iPhone 14 for $0 when customers trade in a device and add an installment plan.
- For AT&T, the price for the AT&T Unlimited ExtraSM plan assumes the activation of the Autopay & Paperless billing process and takes into account the $10 related monthly discount. The upfront cost assumes a $35 activation fee applies.
- For T-Mobile, the price for the Essentials plan assumes the activation of the AutoPay billing process and takes into account the $5 related monthly discount. The upfront cost assumes a $35 assistance charge and a $10 SIM fee will be applied. Owners of a valid T-Mobile SIM card will have the $10 charge waived.
- For Verizon, the price assumes a one-time activation fee of $35. The price for 5G Do More plan assumes the activation of paper-free billing and Auto Pay billing process and takes into account the $10 related monthly discount.
- Verizon currently offers only 36-month installment plans; for comparison purposes, the pricing has been adjusted to reflect a 2-year agreement.
- For Cricket Wireless, the price for the Unlimited Cricket plan assumes the activation of the AutoPay billing process and takes into account the $5 related monthly discount.
- For Page Plus, the price for the $55 plan assumes the activation of the Auto Refill billing process and takes into account the $5 related monthly discount.
- For Straight Talk, the price for the Ultimate Unlimited plan assumes the activation of the Auto-Refill billing process and for the first 3 months takes into account the $2.50 related monthly discount.
- For US Cellular, the price for the Unlimited Data - Even Better 2.0 plan assumes the activation of the Autopay & Paperless billing processes and takes into account the $5 related monthly discount.
- For Metro by T-Mobile, the price for the Unlimited High-Speed plan assumes a one-off $20 per line SIM fee.
- For H2O Wireless, the price for the Unlimited XL Plan assumes the activation of the AutoPay billing process and takes into account the $6 related monthly discount.
- For Consumer Cellular, the price for the Unlimited Data plan assumes the activation of AutoPay & E-Billing processes and takes into account the $5 related monthly discount.
- For Total Wireless, the price of the Totally Unlimited plan assumes the activation of the Autofill option and takes into account the $2.50 related monthly discount.
- In order to identify the best plans for low-cost carriers, WalletHub analyzed the existing offers of the following carriers: Walmart Family Mobile, Page Plus, H2O Wireless, Boost Mobile, Metro by T-Mobile, Boom Mobile, US Cellular, Cricket Wireless, Republic Wireless, Visible, Consumer Cellular, Straight Talk and Total Wireless.
2022 iPhone Survey
The release of each new iPhone model is a big-money occasion for Apple. This year, though, buying a new iPhone may be a tough decision for consumers, with high inflation putting a strain on people’s wallets.
Depending on what features people want, they may have to shell out over $1,000 for a new device. While some people have the cash to pay for their phones upfront, others will finance their purchase. In fact, more than 1 in 5 Americans think that the new iPhone is worth going into debt, according to a nationally representative survey conducted by WalletHub.
WalletHub’s survey examined not only how the current economic environment has impacted Americans’ cell phone purchase plans, but also why people buy new phones, how essential phones are and more. Consumers looking to save money on a new cell phone purchase can also check out WalletHub’s Cell Phone Savings Calculator to crunch the numbers.
Key Stats
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iPhone demand is rising: 24% more people plan on getting the new iPhone this year, compared to last year.
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Few people judge not upgrading: 20% of people think that not having the new iPhone is a sign someone is struggling financially.
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Budget carriers look appealing: More than half of Americans are willing to try a budget cell phone carrier.
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Discontent with credit checks: Half of consumers don’t think it’s fair that cell phone carriers check your credit score.
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MVP ‐ most valuable possession: More than a third of Americans say that their phone is their most important belonging.