Speculation about how much the iPhone is really going to cost consumers has been buzzing around the blogosphere for months. As soon as Apple announced that the iPhone would be introduced with an exclusive contract for Cingular Wireless (now a division of AT&T), people feared this lack of competition could take customers to the cleaners.

With the iPhone already costing $499 for the 4gb and $599 for the 8gb phone, all that was left was to see how much the service plan would be and if the added on services would be pricey. With skimpy information available, rumors abounded that owning an iPhone could cost a user up to $3,000.

Well, the wait is over as iPhone carrier AT&T and Apple recently announced the Apple iPhone cost of their monthly service plan. Here it is in detail:

The basic monthly service plan starts at $59.99 and covers 450 talk minutes. Night and weekend minutes are 5,000. Unlimited data, visual voicemail, 200 SMS text messages, rollover minutes, and unlimited mobile-to-mobile.

The mid level monthly service plan is $79.99 and covers 900 talk minutes. Night and weekend minutes are unlimited. Unlimited data, visual voicemail, 200 SMS text messages, rollover minutes, and unlimited mobile-to-mobile.

The premium monthly service plan is $99.99 and covers 1,350 talk minutes. Night and weekend minutes are unlimited. Unlimited data, visual voicemail, 200 SMS text messages, rollover minutes, and unlimited mobile-to-mobile.

The fee to activate the iPhone is $36.

This is great news for those of you who are making plans to buy an iPhone. Customers can even activate their iPhone from home by logging into iTunes and following the instructions. Sounds pretty easy to me.

Now, here comes what may be the only downside - the contract is a two year commitment and there’s probably going to be a penalty fee for those wanting to get out of it before the expiration date. So, whatever service plan you choose, be prepared to stick with it for the long haul.

If you are planning to purchase online, the iPhone availability will be extremely limited for the first 30 days after the official release date. During this time you can buy an Apple iPhone online directly from the Apple Store. After 30 days, the iPhone will be freely available to purchase from other established online vendors.