Money

Here's how much the new $1,099 iPhone XS Max would cost you per month

iPhone Xs Max and iPhone Xs
Todd Haselton | CNBC
iPhone Xs Max and iPhone Xs

On Wednesday, Apple announced its highest-priced iPhone ever: the iPhone XS Max, starting at $1,099. But even if you want it, you don't have to pay all at once.

Both Apple and wireless carriers offer installment plans. If you purchase the phone through Apple's iPhone Upgrade Program, you can make fixed monthly payments and have the option to upgrade after 12 months. Otherwise the phone will be paid off in 24 months.

Here's how the prices break down, based on phone size:

Monthly payment Full payment
64 GB $54.08 $1,099
246 GB $60.33 $1,249
512 GB $68.66 $1,449

You could actually end up spending more if you enroll in the upgrade program. The cheapest, 64-gigabyte iPhone XS Max costs $54.08 per month so, after 24 months, that adds up to nearly $1,300, or about $200 more than the $1,099 you would have paid upfront.

However, the upgrade program includes damage protection through AppleCare+, which otherwise costs an additional fee. Plus, if you decide to upgrade after a year of making monthly payments, you'll be getting a new phone after only having paid for around half of the full cost of the XS Max.

For many consumers, like those who plan to upgrade to a new iPhone every year, it's a tempting offer. But the program is only open to those with credit scores good enough to qualify.

In addition to the XS Max, on Wednesday Apple introduced the iPhone XS, starting at $999, and the iPhone XR, starting at a more modest $749. Through the upgrade program, the 64-gigabyte XS will go for $49.91 per month, while the XR with the same amount of storage will only cost $37.41 per month.

"iPhone XR will allow us to deliver the future of the smartphone to even more people," Apple CEO Tim Cook said during the unveiling on Wednesday.

But if you're willing to shell out a bit more every month, the iPhone XS Max, with its 6.5-inch OLED screen, is the largest iPhone ever, and comes with with the biggest battery.

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