T-Mobile Will Give You A New Phone For $0 Down, But There's A Catch

Steve Kovach/Business InsiderT-Mobile is offering a summer deal where you don't have to pay anything up front for the latest smartphones, including the iPhone 5.

Starting July 27, you can get a new smartphone like the Samsung Galaxy S4, Galaxy Note II, Sony Xperia Z, iPhone 5, or other top-tier phones without putting any money down.

The catch for not paying anything upfront is that you'll have to make a monthly payment ranging from $5-$27 per month depending on the device.

The payment is in addition to your monthly bill, but it's interest free.

T-Mobile normally sells top smartphones for approximately $100 down, plus a monthly fee over 24 months. This new summer deal eliminates the down payment, but increases the monthly fee you have to pay. You'll still end up paying the full price of the phone over two years.

T-Mobile hasn't said exactly when the promotion will end but it did say that this zero down deal was for a "limited-time".

This announcement comes just a few weeks after T-Mobile introduced its Jump plan, which lets users upgrade their phone two times in one year for a monthly fee.