T-Mobile announced a new pricing plan on Wednesday that will see the nation's third-largest wireless carrier offering the cheapest way for consumers to get their hands on an iPhone 6S and 6S Plus.

The company's Jump On Demand plan will let anyone trade in their old smartphone and lease a new 16GB iPhone 6S for monthly instalments of $5 or $10, depending on the value of the trade-in phone. A 16GB iPhone 6S Plus will cost as little as $9 a month under the same plan. Once the 18 month lease is complete, customers have the option to purchase the phone for a heavily discounted price. Anyone who doesn't have a smartphone to trade in can still use the Jump On Demand plan and lease a 16GB iPhone 6S for $20 a month.

T-Mobile CEO John Legere tweeted that the company has seen "crazy demand" for the new iPhones, and that early orders for the devices are up 30 percent.

T-Mobile isn't the only carrier looking to lease out Apple's new iPhones; Sprint is offering a 22-month leasing program for the iPhone 6S at $15 a month when you trade in a phone. The other two big wireless carriers, AT&T and Verizon, currently don't offer leases on their devices.

Wireless carriers are now not only competing against each other for customers' business, but they also face competition from Apple's own iPhone Upgrade Leasing Program. It was recently reported that Samsung may soon be following Apple's lead and will introduce a leasing program for its own flagship smartphones.