If I do the apple upgrade program am I saving money for the next phone or would I pay the difference?

If I pay $47/mo for the iPhone 14 pro when it comes time to upgrade in the program would I continue paying that same monthly amount but get a new phone? Or would they increase the monthly cost after I hit the 12 months and upgrade to account for a new model?

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If you just pay $47 a month and get the new phone it seems like you'd save but wasn't sure where the price difference or amount left to pay ended up if you upgrade halfway through that 2 year pay period

Is it worth getting? Thoughts?