The iPhone SE costs just $399 with 16GB of storage and launches on March 31, Apple announced on Monday. Pre-orders will kick off on March 24, and there’s also a 64GB model for $499. The company is offering an installment plan as well, which brings the price to $17 per month.

The iPhone SE looks pretty similar to the iPhone 5S, but packs modern specs similar to the iPhone 6s. That includes a 64-bit A9 chip, an M9 motion co-processor, always-on “Hey Siri” voice controls, improved LTE and Wi-Fi speeds, a 12-megapixel rear camera with Live Photos and 4K video, and Apple Pay.

The initial launch will be limited to some parts of the world, but by the end of May the iPhone SE will be available in over 100 countries.