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Want a new iPhone? Figure out the cost with this calculator
Apple announced last week that it would be releasing the new iPhone 7 this month, along with a new series of Apple Watches. - photo by Herb Scribner
Apple released the new iPhone 7 this month, along with a new series of Apple Watches.

Like most new phone and tech device announcements, Apple explained whats new to the iPhone this time around, showing that its now waterproof and comes with the new iOS 10 software, which is available for all iPhones this week.

The new phone will come without a headphone jack, however, forcing users to either use an adapter with their old earphones or embrace the new AirPods wireless ear buds and other wireless headphones if they want to listen to music. I wrote about these new changes for the Deseret News earlier this month.

But that latest change taking away the headphone jack made some phone users question whether or not they want to hold onto this new phone. Most reviews seem split over this issue, saying the new device helps people who are worried about dropping their phone in water, but doesnt excite those who already own wireless headphones or dont want to lose out on the headphone jack.

Theres also a financial factor to consider, one that pops up with every new tech device that hits the streets.

In fact, WalletHub, a financial responsibility platform, said that some people could save thousands of dollars by finding the right cellphone plan when purchasing their new iPhone.

Specifically, families could save $2,294 by keeping their old iPhone and signing up for a coverage provider that isnt Verizon, T-Mobile, AT&T or Sprint.

WalletHub also created a calculator that could help you save money when purchasing the new phone.

I believe a lot of people sign a contract with the carrier not because they are not aware of the price difference, but rather the fact that a lot of the consumers are reluctant to spend a lump sum of cash in advance to pay for the phones, Audrey Guskey, associate professor of marketing at the Palumbo Donahue School of Business at Duquesne University, said to WalletHub. All in all, I don't think how much cheaper is what consumers are mainly concerned with when deciding to sign a two-year contract or not.

Check out the calculator here.

To figure out how much youll save, all you have to do is enter in how much money youll pay upfront, followed by any potential monthly payments youll have to make on the phone.

Users can quickly see, as this chart indicates, that there are savings to be had.