No contracts, $55 monthly fee and you can get a new Iphone sounds like a win win!

NEW YORK (AP) — Leap Wireless International Inc., the parent of the Cricket cellphone service, on Thursday said it will be the first mainland U.S. phone company to sell the iPhone on a prepaid, no-contract basis.

Starting June 22, Leap will sell the iPhone 4S starting at $500 and the iPhone 4 starting at $400. Service will cost $55 per month for unlimited calls, texting and data.

Leap Wireless International Inc., which is based in San Diego, focuses on selling no-contract service to low-income households. Its own network is limited to some cities. In other places, it uses Sprint Nextel Corp.’s network.

The iPhone is compatible only with part of Leap’s network and the company is limiting sales to those areas, which include Houston and Austin, Texas; Portland, Ore.; Pittsburgh; Denver; and Salt Lake City.

Leap said the phone will be available in areas covering about 70 percent of its 6.2 million subscribers. It’s the sixth-largest cellphone company in the U.S., by number of subscribers.

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