You could save serious money on the iPhone X if you buy it through Apple's upgrade plan (APPL)

iPhone X Justin Sullivan/Getty

Apple's just-announced iPhone X is its most expensive phone ever, with a max price of $1,149.

But paying the full price up front isn't the only way to buy the iPhone X when preorders start on October 27. There's also Apple's upgrade program, which allows you to pay off the device in monthly installments through a zero-interest loan.

And if you plan on upgrading to a new iPhone every year, Apple's plan could save you serious money.

Apple broke down on its website how much its three new phones — the iPhone 8, 8 Plus, and X — would cost in monthly payments:

Screen Shot 2017 09 12 at 3.27.41 PM Apple

The base 64 GB iPhone X costs $49.91 a month. Since the plan allows you to swap in the phone for a new one after 12 payments, you'd have to pay only $598.92 before upgrading. The same iPhone X costs $999 to buy outright, so you'd essentially save $400.08 by paying through Apple's monthly program.

You save even more with the more expensive 256 GB iPhone X. One year's worth of payments at $56.16 a month equals $673.92, or a $475.08 savings off the full $1,149.

Since you don't get to keep the iPhone if you upgrade, Apple is basically giving you either a $400 or a $475 discount off the up-front price to take the iPhone back from you after one year. If you don't want to pay the full cost of the iPhone up front and intend to upgrade every year, that's a good deal.

Experts already consider Apple to have the best monthly-payment program for buying iPhones. The company's AppleCare warranty, which covers accidental-damage repairs at a heavily reduced cost, is included with the program — a $200 value.

If you don't want to buy a new iPhone 8 or X through monthly payments, here's the full cost breakdown: