T-Mobile is now selling the new Google Nexus 5 for $41.99 upfront followed by 24 monthly installments of $17, or $449.99 outright.

Launching as one of the most highly-anticipated smartphones of this year, the Nexus 4 successor already seems to be in high demand. Initial supply of the Nexus 5 appears to be tightening with each passing minute.

The LG-made, Google-branded Nexus 5 is the latest flagship smartphone in the Nexus lineup and it is the first device to rock the latest Android 4.4 KitKat. The handset packs several high-end specs and features and sports an affordable price tag, in addition to the much-touted Nexus experience that guarantees timely updates as soon as a new Android version launches.

The Nexus 5 features a 5-inch full HD display with a resolution of 1920 x 1080, a pixel density of 445 pixels per inch (ppi) and Corning Gorilla Glass 3 protection on top. Under the hood, the handset packs the latest Qualcomm Snapdragon 800 quad-core processor clocked at 2.26GHz, Adreno 300 graphics and 2GB of RAM.

Other specs of the Google Nexus 5 include an 8-megapixel rear camera with optical image stabilization (OIS) and enhanced HDR+ mode, plus a 1.3-megapixel front-facing camera for self-shots and video chats. The smartphone also comes with support for 4G LTE, Wi-Fi, Bluetooth 4.0 with Bluetooth Low Energy (LE), GPS, and NFC.

A 2,300 mAh battery keeps the Nexus 5 and running for up to 13 hours of talk time, according to Google. The handset also supports wireless charging out of the box, but the compatible charger is sold separately.

The Nexus 5 is currently listed with a 3-4 weeks waiting period on the Google Play store, suggesting that initial supply is rather tight. On the other hand, the outright price of the Nexus 5 on T-Mobile is $100 more than on Google Play.

T-Mobile is offering the 16GB Nexus 5 for $449.99 outright, or for $41.99 down followed by 24 equal monthly installments of $17 through its Simple Choice plan. It's a good offer for interested buyers who want to get the Nexus 5 subsidized. Otherwise, purchasing the handset directly from Google Play is a better option for the more budget-conscious, but it will take longer to ship.