What could be better for Apple fans than the much-anticipated announcement of a next-generation iPhone? How about two new models? Today Apple CEO Tim Cook announced two new – and larger – iPhone models: the iPhone 6 and the iPhone 6 Plus, which will go on sale Sept. 19. As speculated, the eighth-generation iPhones will be larger than ever – 4.7 inches and 5.5 inches, respectively. Apple also showcased the phones’ new style and features.

With their larger displays – 1334 x 750 for the iPhone 6 and 1920 x 1080 for the 6 Plus – the new phones have been called reminiscent of a miniature iPad. In layman’s terms, that’s more than 1 million pixels on the iPhone 6 and an astounding more-than 2 million pixels for the 6 Plus. The Retina Display has also been updated to Apple’s next-generation Retina HD, which uses ion-strengthened glass on top and the bottom, with an ultra-thin backlight.

The new phones also features a smooth-brushed, anodized aluminum backside, which gently curves toward the glass front instead of the flatness of previous models. The redesign didn’t stop there – the two iPhone 6 models are thinner than ever at just 6.9mm, one of the thinnest smartphones on the market. Apple has promised the iPhone 6 and 6 Plus will offer equal or better battery life than the iPhone 5s.

Of course the larger displays required Cupertino to make some software tweaks, as well. The Messages app for the iPhone 6 Plus now offers a horizontal split display, as do the Stocks and Mail apps. The phone’s keyboard also takes advantage of the larger display area, and the homescreen features a new horizontal view option. Although the new views surely make better use of the larger display, it’s yet to be determined how it will one-handed typing – something the late Steve Jobs had placed in the utmost priority.

Even if the larger phone makes one-handed typing trickier to accomplish, it offers ease of access in other ways. Swiping gestures can now be used to navigate the Mail, Messages and Safari apps, and the new smartphone models introduce a new gesture called reachability: By double-touching the home button, the display actually slides down, allowing users to reach icons located at the top without having to readjust their hands.

Apple didn’t stop there, however. Cupertino has also updated the iPhone’s camera hardware and software, using an 8-megapixel camera with an f/2.2 aperture for both the iPhone 6 and 6 Plus. The new cameras also auto-focus faster than previous iPhone cameras and feature a new internal sensor. The iPhone 6 Plus features an optical image stabilization system that uses the iPhone’s gyroscope and M8 processor to remove the effects of movements and shaking hands – even in video. Savvy mobile photographers will also enjoy the new slo-mo mode that shoots at just 240 fps.

Looking for a faster iPhone? Apple has answered your call. The iPhones 6 and 6 Plus feature a new A8 processor that will make the new models the fastest iPhones yet, and the M8 chip features improved performance in sensing motion and tracking health.

Always the innovator, Apple also announced a new program, Apple Pay, to be featured in the iPhone 6 and iPhone 6 Plus. Users will be able to pay at registers by simply tapping their iPhones. The new phones include an NFC chip, a feature that allows contactless payments. Simply by securely storing credit-card information through Passbook, users can choose which account to use for payment.

Both new phones will ship with iOS 8, the new software version that will be offered to older iPhones on Sept. 17.

Any time a new iPhone is expected to launch, Apple fans around the world wonder how big a dent the new phone will put in the ol’ bank account. Expect to pay $200 for a 16 GB iPhone 6, $300 for 64 GB and $400 for 128 GB of memory – provided you sign a two-year contract with your carrier. Those shooting for the iPhone 6 Plus will, however, pay a premium for the extravagant model: $300 for 16 GB of memory, $400 for 64 GB and $500 for 128 GB.

Both models will be offered in silver, gold and black. Pre-orders for the new phones will begin Sept. 12.