iPhone 7 Buyers Could Overspend By As Much As $1,324

The iPhone 7 will be launched on Friday, and some analysts are expecting very strong sales.

Given the strong demand and hefty price tag for consumers who may need to bring their contract to upgrade, WalletHub has some advice. Specifically, WalletHub operates a "Cell Phone Savings Calculator" to compare the multiple ways consumers buy an iPhone.

Related Link: Strength In Apple Shares Not Translating To Its Suppliers And Carriers

WalletHub found that consumers who want the new iPhone can save up to $1,074 by selecting a no-contract plan from RingPlus Mobile over similar type of plans offered by T-Mobile US Inc TMUS and Verizon Communications Inc. VZ.

Families could save up to $1,705 for four lines with 12 GB of data by selecting a no-contract plan from RingPlus Mobile. Better yet, families can save up to $2,294 by keeping their old phones and getting RingPlus Mobile's coverage for families.

The site also found that individuals can save up to $1,324 by keeping their old phone and opting for Walmart Family Mobile's plan.

Shares of Apple were trading higher by over 2.5 percent Tuesday morning at $108.21.

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