If you’re tied to a contract, you know how disappointing it can be to miss out on the latest phone, especially when you’re in need of an upgrade. T-Mobile has given itself the title of “Un-carrier,” boasting customer benefits ranging from unlimited data plans to transparent pricing. To expand upon its marketing efforts to entice potential customers, the company is launching a new type of plan that allows you to upgrade after six months. The only catch is that you’ll need to pay off half of the balance due on your existing phone first.

The Go5G Next plan, as it’s been titled, will officially debut on August 24. It joins T-Mobile’s existing lineup of value plans, which includes Essentials Savings, Go5G, and Go5G Plus. Similar to the other Go5G plans, this one will come with additional benefits, such as unlimited texting in more than 215 countries and price lock.

With the Go5G Next plan, however, you’ll also be eligible to upgrade your existing phone within six months, assuming you’ve paid off at least half of it. T-Mobile noted in its announcement that, because its financing plans are capped at 24 months, the average customer would likely be able to upgrade within 12 months. However, the benefits might be more enticing if you’re looking to switch carriers and need a new phone.

T-Mobile specifies that it will pay off your existing financing plan in order for you to switch carriers, obtain a new phone, and sign up for a new 24-month financing plan. In total, you can expect to pay $100 per month when signed up for auto-pay for one line under the Go5G Next plan. This is a few dollars more than what Verizon and AT&T charge for their unlimited plans. That being said, what makes Go5G Next unique is the option to seamlessly upgrade annually, as opposed to every two or three years, for the best possible phone deals. If it’s important to you to have the newest phone on the market, this might be the carrier plan for you.

Interestingly, T-Mobile cited survey data in its announcement, claiming almost 10% of people in the US make it a “major priority” to upgrade their phone annually. In an era when phones and their features are evolving at a rapid pace, it’s only natural for people to gravitate toward the latest technology. Whether consumers will cash in on deals like this one from T-Mobile to keep up has yet to be determined.

Thanks: Moshe