Should I pay off my phone?

Discussion in 'iPhone' started by AdventurousJosh, Dec 9, 2016.

  1. AdventurousJosh, Dec 9, 2016
    Last edited: Dec 9, 2016

    AdventurousJosh macrumors 6502

    Aug 11, 2008
    So for about $349 I can pay off my iPhone 6s Plus.
    Would I be saving any money, in the long run by doing this? Has anyone else paid off their iPhones?
    I'm on Verizon.


  2. theshoehorn macrumors 6502

    Jul 6, 2010
    If its using carrier financing or Apple's upgrade program, then you would be paying 0% interest and you would not save money by paying off right now...
  3. Ferc Kast macrumors regular

    Ferc Kast

    Sep 26, 2012
    Ohio, USA
    Depending upon your carrier, you may be paying for both the phone and your plan in your billing periods. By paying it off:
    • You now won't have that cost included in your bill every billing period.
    • You now own your iPhone outright, and won't have to return it at the end of your contract if you were on a lease.
    • If you want to switch carriers, your carrier can unlock your iPhone. (Even if they terrible customer service like Sprint, and take forever to get around to unlocking it.
    Sometimes, carriers (like Sprint) hide the device cost in the billing, so it does have the potential to save money.
  4. AdventurousJosh thread starter macrumors 6502

    Aug 11, 2008
    Ah forgot to mention I am a Verizon customer
    --- Post Merged, Dec 9, 2016 ---
    Would paying off and switching to Pay As You go plan save money?
  5. Small White Car macrumors G4

    Small White Car

    Aug 29, 2006
    Washington DC
    I don't have Verizon, but based on a quick look at their website it appears they charge no interest.

    So, no, it wouldn't save money.

    There are other times that paying it off makes sense (like if you want to sell the phone now) but if you don't have a reason like that then there's no reason to pay it off early.
  6. AdventurousJosh thread starter macrumors 6502

    Aug 11, 2008
    Thank you
  7. C DM macrumors Sandy Bridge

    Oct 17, 2011
    The part about switching plans is the one that might save you money, not so much the paying off part itself. The question there really comes down to what plan you have now and how much you are paying for it and how much of it you are using and what plan you'd be going to and how much that would cost and whether or not that would meet your needs.
  8. laudern macrumors 6502a

    Jan 5, 2011
    This is the kind of stuff schools need to be teaching in their math classes. This is pretty basic stuff here.
  9. AdventurousJosh thread starter macrumors 6502

    Aug 11, 2008
    Teach the plans of 'Pay as you Go'? Vs that of one goes to a cellular company??? sure. Just caps off this country for what it is. Plastic and fake as it gets. Makes sense to me!
  10. lordofthereef macrumors G5


    Nov 29, 2011
    Boston, MA
    It's almost impossible to help if you don't break down what plan you have. A lot of older legacy plans are where the savings is off contact. It's not a rule that paying the phone off will save you money but it's a good guideline for old contracted plans.

    I agree that most and larger savings happen on pay as you go and/or other carriers. Single lines on large carriers tend to be more expensive. That's just the way things go. More lines means fewer dollars per line.
  11. Thor_1 macrumors 6502a

    Sep 18, 2016
    Did you not read what you signed when you got the phone? Can't you call and ask your carrier what are the advantages and disadvantages to paying off early? Can't you look at your bill and figure this out?
  12. valinda macrumors 6502


    May 16, 2015
    Virginia Beach, VA
    When a phone is under contract with Verizon, you usually pay $40 for the line.
    When it's off contact it's $20 for the line.
    You can check online to see if your paying $40.
  13. dontwalkhand macrumors 601


    Jul 5, 2007
    Phoenix, AZ
    No but you'd get rid of monthly payments and makes it so you psychologically paid less. For some such as myself with Asperger's Syndrome- this works.
  14. timeconsumer macrumors 68000


    Aug 1, 2008
    I think the person was referring to comparing the pricing of what you currently have versus what you could be saving by switching to a different plan.

    Verizon has two prepaid plan options:

    5GB for $50 or 10GB for $70

    Depending on your current plan and data requirements, you could save money by paying off your phone and moving to one of those.

    Also I'm not sure if they allow WiFi calling or VoLTE yet on their prepaid options. They usually try to make postpaid have better features so people remain as a postpaid customer.

    If you would post your current plan as well as how much you're paying and how much data you're actually using monthly, then it would be easier to offer plan options.
  15. laudern macrumors 6502a

    Jan 5, 2011
    I was referring to your inability to understand the full cost of a contract you have entered into. You really need to be more financially aware of the decisions you make. You appear to be the type of person who would go nuts at a 0% interest sale, buy thousands of dollars worth of items, not pay any of it off during the 0% interest time frame. Then be totally surprised at the mega high interest you are about to be playing.
  16. geoff5093 macrumors 68020


    Sep 16, 2014
    Dover, NH
    No, he's referring to paying off a loan with interest and showing when it's financially better to pay the loan off vs keeping it and investing.

    I'm not really sure why you're asking if you will save money, unless you really didn't know what 0% financing means.

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