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At current prices, the combined cost of owning a 1 TB Xbox One S console, a 2 year Xbox Game Pass, and a 2 year Xbox Live Gold subscription comes to around US$660.

There is no upfront cost for either plan and both are interest-free for 24 months.

So, if you were pay for all of these things up front, you'd be looking at around $660 if you were buying an Xbox One S and $860 for the Xbox One X and all of these extras.

"That's more than 100 all-you-can-play games-including highly-anticipated new Xbox One exclusives the day they're released, plus more games added all the time- the fastest, most reliable gaming network and an Xbox One console", a message from Microsoft explains. Instead of requiring you to drop hundreds of dollars upfront, Xbox All Access takes the cost of an Xbox One console and splits it up into 24 monthly payments.

As described, an All Access pass would be a pretty good deal for consumers.

Editor's Note: We've updated this story with availability information from Microsoft.

Just a few days ago, we were hearing rumors about a service, called Xbox All Access, which would allow users to rent an Xbox One console for a monthly fee, getting access to the console itself as well as Xbox online services. Xbox All Access opens that choice up to the hardware itself; the typical way to own a console is to buy it outright and upfront, but now there's another option.

Microsoft has introduced a new subscription service for Xbox One that offers a multitude of benefits.

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To break it down by price, an Xbox One S retails for $299.99.

The Microsoft All Access pass offers two tiers of service - one for $21.99 and another for $34.99. Right now, an Xbox One S costs $299, and two years of Xbox Live Gold is $120. As I mentioned up above, the amount you will pay each month will depend on the console you get.

This should make it a lot easier to get into the Xbox ecosystem if you haven't already.

Microsoft says that the offer is for a limited period and only "qualified customers" can avail it.

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In comparison, Xbox All Access would cost an accessible $35 a month.

"When we launched it, we thought an ever-increasing number of titles might be something that was really important to gamers", Decker said to Gi.Biz in an interview.