Consumers are happily forking over their hard-earned cash to get their hands on the iPhone 6 or iPhone 6 Plus. But are they making wise decisions or just knee-jerk reactions because Apple Inc. (NASDAQ:AAPL) has released a new iPhone? Thankfully there’s a cell phone savings calculator that can help more cost-conscious consumers make the best decision about upgrading to the iPhone 6.

Pricing the iPhone 6

The issue many consumers have is that they dive into a new phone without considering everything it will cost them. Often there is much more to pay than just the price of the phone. But WalletHub posted a new calculator just in time for the beginning of iPhone 6 preorders.

This calculator analyzes whether consumers should opt for a contract, a prepaid mobile phone service or an installment plan. To figure out the most financially wise way to get the iPhone 6, users simply enter their upfront and monthly costs to compare the different types of options. The calculator looks at two-year contracts, no contract plans and monthly installment plans from all the major mobile carriers.

The calculator is free to use.

Pick the least expensive way to get the iPhone 6

WalletHub put together a great infographic to demonstrate the cheapest way to get the iPhone 6. As it turns out, Verizon Communications Inc. (NYSE:VZ) offers the cheapest way to do it with a two-year contract. T-Mobile US Inc (NYSE:TMUS) costs about $100 more with its no contract plans and installment plan.

AT&T Inc. (NYSE:T) is the most expensive, at more than $2,100 for a no contract plan and over $2,000 for a two-year contract. Here’s the full infographic from WalletHub:

iPhone 6 WalletHub

The infographic pricing is for a 16 GB iPhone 6. It assumes that the buyer has “excellent credit” and so can get the cheapest possible price on a mobile phone plan. The price is defined as the “net present value” of the device with a 5% annual discount rate. It uses the upfront cost, plus the monthly cost of the plan to figure out that net present value. One thing it does not take into account is early termination fees.