While T-Mobile’s monthly plans are by far the best deal for most users, phone financing is still a bit of a mystery for most consumers. The hot deal of the moment is the $100 for 10GB of data and 4 lines of unlimited talk and text. What isn’t mentioned in all those ads for paying off those termination fees and such is how much you actually have to put out each month.
First off, you have those four lines at $100. Adding the federal, local and whatever other fees you are subject to, which could total up to be as much as $25 more. You then add in the price of your new iPhone 6’s at $27.08 a month. and your bill begins to grow.
The final total bill that you will receive on that new plan with four lines for $100 is a whopping $233.32 a month. If you add the insurance and early upgrade option of Jump!, your bill heads towards the $300 mark very quickly. In the Seattle area, the bill would total $281.75. This puts the two year cost over $6750. This puts T-Mobile within striking distance of the monthly rates of Verizon Wireless ($300) and AT&T ($310) for the same time frame and data limit.
You also have to remember that T-Mobile may not have wireless contracts, but if you agree to finance your iPhone through their monthly payment plan and you leave, the entire balance on the device becomes due. This would make a payment of $2491.36 due after 30 days of use on T-Mobile. Verizon and AT&T would both only charge $1400 to leave your contract after 30 days.
Detailed information on the pricing is located below:
- 16GB iPhone 6: $0 down and 24 equal monthly payments of $27.08
- 64GB iPhone 6: $99.99 down with 24 monthly payments of $27.08
- 128GB iPhone 6: $199.99 down with 24 monthly payments of $27.08
- 16GB iPhone 6 Plus: $0 down with 24 equal monthly payments of $31.24
- 64GB iPhone 6 Plus: $99.99 down with 24 monthly payments of $31.25
- 128GB iPhone 6 Plus: $199.99 down with 24 monthly payments of $31.25
- These numbers translate to a full price of:
- 16GB iPhone 6 – $649.92
- 64GB iPhone 6 – $749.91
- 128GB iPhone 6 – $849.91
- 16GB iPhone 6 plus – $749.76
- 64GB iPhone 6 plus – $849.75
- 128GB iPhone 6 plus – $949.75
- Source: T-Mobile