OREANDA-NEWS. February 22, 2016. You're itching to get your hands on a new iPhone but can't afford the big upfront payment. Maybe you like the idea of monthly payments but don't want to commit to buying the newest iPhone available each year.

Apple has a program for you.

The company on Thursday revealed its new Trade Up With Installments plan that lets you hand over an old iPhone (or Android or Windows phone), apply the value of that device to a new iPhone and pay off your new gadget in installments over 24 months. This plan only works in the US, and it's only available in Apple Stores.

If you're trading in an iPhone in good working condition, the payments range from about \\$15 to \\$35 a month, depending on how many models you jump up to. If you're switching from the iPhone 4 to the 128GB iPhone 6S Plus, for instance, you'll pay \\$35.37 a month. But if you're moving from an iPhone 5 to an iPhone 6, you'll pay \\$14.54 a month.

Trade Up With Installments joins two existing plans designed to tempt consumers to pick up new iPhones: Apple's long-running trade-in program and the iPhone Upgrade Program introduced in September with the launch of the iPhone 6S and 6S Plus.