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T-Mobile To Lease The iPhone 6s For $5 Per Month

Apple’s installment-payment and upgrade plans for the iPhone 6s and 6s Plus are already getting stiffer competition.

T-Mobile unveiled a $5/month JUMP (Just Upgrade My Phone) On Demand leasing price for the 16GB iPhone 6s and a $9/month price for the 16GB iPhone 6s Plus, though the monthly prices are good only with a trade-in of an iPhone 6 or 6 Plus. iPhone users switching from another carrier also have to pay off any remaining payments on their current iPhone 6 or 6s.

Previously announced JUMP On Demand prices for the two models started at $20/month for the 16GB iPhone 6s. Those prices are without a trade-in.

JUMP On Demand is an 18-month leasing program that lets consumers trade in a leased phone for a new model up to three times per year. Under the program, consumers make lease payments for 18 months with no money down.  After 18 months, they turn in the phone and make no more payments, or they lease a new phone and start a new plan. They can also make a final payment and own the phone. With the final payment, the consumer’s total payments will equal the retail price of the phone, T-Mobile said.

Under Apple’s monthly payment plans, monthly payments for two years start at $27 and $31/month for the 16GB iPhone 6s and 6s Plus, respectively. Those pas are available through Apple, authorized resellers and select carriers. A trade-up program, available for unlocked models though Apple’s stores and website, prices the phones at $32 and $37/month. That program lets users upgrade to a new iPhone after 12 months and includes Apple Care insurance.