Apple launches new iPhone trade-in program called 'Trade Up with Installments'

Apple has launched a new iPhone trade-in program called Trade Up With Installments.

The program builds on Apple's existing iPhone upgrade programs for users with older generation iPhones, USA Today reports.

You can trade in an iPhone dating back as far back to the iPhone 4. Apple will also take Android phones, but didn't detail pricing.

You'll pay roughly $15 a month for each step up in model, with the term lasting for 24 months. For example, if you switch from the iPhone 4 to the 128GB iPhone 6S Plus, you'll pay $35.37 a month. If you switch from iPhone 5 to an iPhone 6, you'll only pay $14.54 a month, Apple told CNET.

The program only works in the US, and it's only available in Apple Stores beginning Thursday.