Not only did T-Mobile announce the availability of the iPhone 5 today, but it announced that consumers can put $99 down on the device, with monthly payments to make up the difference ($20 per month for 24 months). And that’s with no annual service contract plus unlimited talk, text and Web and 4G.

The device will be available from Friday, April 12.

In addition, T-Mobile is offering the iPhone 4S for $69.99 down and $20 per month for 24 months and the iPhone 4 for $14.99 down and $15 per month for 24 months.

While the 4S and 4 will be available in select markets, the iPhone 5 will be available nationwide.

“This is an important day for people who love their iPhone but can’t stand the pain other carriers put them through to own one,” said John Legere, president and CEO of T-Mobile USA. “We feel their pain. I’ve felt the pain. So we’re rewriting the rules of wireless to provide a radically simple, affordable iPhone 5 experience — on an extremely powerful network.”

T-Mobile also announced today a new simplified rate plan, and eliminated the need for customers to enter into contracts.