Ever since the iPhone X arrived in 2017, Apple has kept the pricing of its regular-sized “Pro” phone at $999. It’s an important psychological barrier that makes it still seem attainable even affordable, like other phones with three-figure prices.

This year, all signs point to a shift in Apple’s strategy. According to numerous reports, Apple will charge more for the iPhone 15 Pro and iPhone 15 Pro Max as it looks to create even more of a difference between its regular phones and high-end models. Based on rumors, the price hikes will be accompanied by a new chip, better cameras (including a better telephoto camera on the Pro Max models), a new design with a titanium body, and very slightly larger displays. They might even start at 256GB of storage.

But the question is: How much more will we have to pay? When similar rumors cropped up ahead of the launch of the iPhone 14, the consensus was that Apple was planning to raise prices by $100 on the Pro and Pro Max, as well as introduce the iPhone 14 Plus at $899. The iPhone 14 Plus part was true, but the price hike for the Pro models was not. Here’s what the iPhone 15 lineup would look like with that price hike:

• iPhone 15 Pro Max: $1,199
• iPhone 15 Pro: $1,099
• iPhone 15 Plus: $899
• iPhone 15: $799

Conventional wisdom says to just shift the pricing previously rumored for the iPhone 14 lineup to the iPhone 15 lineup. However, there are numerous reports that suggest the iPhone 14 Plus isn’t selling as well as expected and may get a price cut. A $100 price cut would make it the same price as the 6.1-inch model, which doesn’t make sense, so let’s assume a $50 price cut for both phones. That gives us this:

• iPhone 15 Pro Max: $1,199
• iPhone 15 Pro: $1,099
• iPhone 15 Plus: $849
• iPhone 15: $749

Those prices ending in 49 might look weird but they’re not without precedent. In 2018, Apple introduced the iPhone XR at $749 as an affordable alternative to the iPhone XS, which started at $999. A $50 price cut coupled with a $100 price hike for the Pros would again put $250 between the cheapest Pro model and the most expensive non-Pro model and $350 between the two 6.1-inch models. That’s a pretty perfect pricing structure if you’re Apple.

However, a rumor this week claims that Apple could charge even more for the iPhone 15 Pro Max. In his weekly Power On newsletter on July 30, Mark Gurman reported that he “wouldn’t rule out a price increase in the US — at least for some of the pro models,” adding that “the move to titanium and the costlier camera system on the iPhone 15 Pro Max” could push prices higher than ever.

An even higher price tag for the Pro Max would be the first time the two Pro phones weren’t $100 apart, but the rumors seem to justify such an increase. Most notably, the phone is expected to get an upgraded 6X telephoto camera while the 6.1-inch model stays at 3X. That’s a significant upgrade that undoubtedly justifies a $200 price gap.

So with that in mind, here’s what the pricing could look like:

• iPhone 15 Pro Max: $1,299
• iPhone 15 Pro: $1,099
• iPhone 15 Plus: $849
• iPhone 15: $749

A $1,299 starting price could push one variant of the iPhone 15 Pro Max over $2,000 for the first time if the rumors of a 2TB model are true. It would also create an unprecedented $550 difference between the cheapest iPhone 15 and the Pro Max as well as the highest average selling price for the iPhone Pro line by a significant margin. A $1,299 starting price may seem excessive, but it wouldn’t be surprising at all.

With the smartphone economy shrinking, Apple is motivated to sell iPhones at both ends of the spectrum, and this pricing creates value everywhere. The lower-end phones are more affordable, the higher-end ones are more premium. iPhone 15 Pro Max buyers will certainly grumble at the higher price, but ultimately few if any will pick a different phone. The iPhone 15 Pro Max attracts a certain kind of buyer, and they’re unlikely to downgrade to something cheaper, especially if it’s the only way to get the best telephoto camera ever to ship in an iPhone.

But we wouldn’t bet on it. Taking all this in, it seems most likely that both Pro models will increase by $100 and the non-Pro models, which will be getting last year’s Pro features—a new A16 chip, display with Dynamic Island, and 48MP main camera—will get a slight price cut, much like the 13-inch MacBook Air earlier this year. As much as Apple likes to charge a premium for premium products, $1,299 seems a bit too high. Maybe next year when the iPhone Ultra arrives.