Apple attached a monthly figure to each of the four devices it priced today. The iPhone 18 Pro is $49.95 a month and the iPhone 18 Pro Max is $54.12 a month, both over 24 months, while Apple Watch Series 12 is listed at $11.99 a month and Apple Watch Ultra 4 at $24.99 a month, also over 24 months.
The two sets of numbers do not work the same way. The iPhone monthly prices are the retail price spread over 24 payments, while Apple describes the watch figures as an Apple Upgrade lease, and the 24-month total comes in well under the sticker price. Apple has not published the terms of either arrangement in its press releases. Our iPhone 18 Pro announcement coverage has the full retail pricing.
Apple monthly prices and 24-month totals
| Device | Monthly price | 24-month total | Retail starting price |
|---|---|---|---|
| iPhone 18 Pro (256GB) | $49.95 | $1,198.80 | $1,199 |
| iPhone 18 Pro Max (256GB) | $54.12 | $1,298.88 | $1,299 |
| Apple Watch Series 12 | $11.99 | $287.76 | $399 |
| Apple Watch Ultra 4 | $24.99 | $599.76 | $799 |
Multiplying out the iPhone figures shows they are simply the retail price divided by 24, rounded to the cent: $49.95 times 24 is $1,198.80, 20 cents under $1,199, and $54.12 times 24 is $1,298.88, 12 cents under $1,299.
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Why the Apple Watch monthly totals are lower than the price
The watch arithmetic is different. Series 12 at $11.99 a month comes to $287.76 over 24 months, which is $111.24 less than the $399 retail price. Ultra 4 at $24.99 a month comes to $599.76, or $199.24 less than $799.
That gap is consistent with a lease rather than an installment purchase, which is how Apple labels it. Apple has not said in the releases what happens at the end of the 24 months, whether the watch can be bought outright, whether there is an upgrade option or a return requirement, or which countries offer the plan. Until Apple publishes those terms, the monthly figure should not be read as the cost of owning the watch.
Combining an iPhone and an Apple Watch per month
Adding the published monthly figures together gives a rough picture of what a phone and watch pairing would cost each month, with the same caveat that the two plans may have different terms.
- iPhone 18 Pro and Series 12: $61.94 a month, $1,486.56 over 24 months
- iPhone 18 Pro and Ultra 4: $74.94 a month, $1,798.56 over 24 months
- iPhone 18 Pro Max and Series 12: $66.11 a month, $1,586.64 over 24 months
- iPhone 18 Pro Max and Ultra 4: $79.11 a month, $1,898.64 over 24 months
AirPods 5 have no monthly price in Apple’s release; they are listed only at $129 and $149. The iPhone figures apply to the 256GB models, and Apple has not published monthly prices for the 512GB, 1TB or 2TB tiers. The watch figures apply to the base models, and Apple has not published monthly or retail prices for titanium, ceramic or cellular versions.
Series 12 and Ultra 4 can be pre-ordered today, and the iPhones open on Saturday, September 12 at 5 a.m. PT, with everything arriving on September 18. For how the iPhone’s $100 increase compares with pre-event estimates, see our iPhone 18 Pro expected price story, and for the watch, our Series 12 preview.
