Samsung launched the much-awaited Galaxy Note 7 in early August and the phablet is expected to officially hit the shelves on Aug. 19.

The latest Samsung phablet is packed with top-notch features such as 5.7-inch screen, 4 GB of RAM, Qualcomm Snapdragon 820 processor (U.S. version), 64 GB on-board storage with an option to expand to up to 256 GB with a microSD card, 12-megapixel rear-facing camera, 5-megapixel selfie camera, 3,500 mAh battery and more.

Given that the Galaxy Note 7 has premium specs, customers also have to pay a steep price of $849.99. A number of smartphone makers offer handsets with similar specs at a lower price. Here are the top five alternatives to the Galaxy Note 7.

LG G5

LG unveiled its flagship mobile phone - the LG G5 - in February this year and it is a worthy competitor to the Galaxy Note 7.

The LG phone touts a smaller 5.3-inch display, but it packs in the same 1,440 x 2,560 pixels as the Galaxy Note 7. The LG G5 runs on a Qualcomm Snapdragon 820 processor and 4 GB of RAM just like the Samsung device.

The LG device includes only 32 GB of internal storage, but it can be expanded to up to 2 TB with a microSD card. The LG G5 has a smaller 2,800 mAh battery.

Best Buy is currently selling the LG G5 for $499.99.

OnePlus 3

Launched in mid-June, the OnePlus 3 is currently one of the newest Android smartphones in the market.

The OnePlus 3 sports a 5.5-inch screen with a display resolution of 1,080 x 1,920 pixels. Running on Qualcomm Snapdragon 820 chip, the OnePlus 3 is one of the handful smartphones that come with 6 GB of RAM.

The Chinese smartphone has 64 GB of internal storage capacity, but it lacks microSD card support for expanding the storage capacity. The OnePlus 3 is equipped with a 16-megapixel rear-facing camera and an 8-megapixel selfie camera. A 3,000 mAh battery powers the device.

All these top-end features are available only for $399, which is about half the cost of the Galaxy Note 7.

HTC 10

Launched and released in April this year, the HTC 10 has impressive specs to give promising competition to the Galaxy Note 7.

The handset includes a small 5.2-inch screen, which packs in 1,440 x 2,560 pixels like the Samsung offering. Under the hood are a Qualcomm Snapdragon 820 SoC, 4 GB of RAM and a 3,000 mAh battery.

The phone has a 12-megapixel primary camera and a 5-megapixel front-facing camera. The handset is available in 32 GB and 64 GB internal storage options and customers can also expand it to up to 2 TB with a microSD card.

Best Buy is selling the HTC 10 for $699.99.

Galaxy Note 5

The Galaxy Note 5 is the predecessor of the Galaxy Note 7 but it still packs a punch. The Galaxy Note 5 has the same RAM, screen size and resolution as the Galaxy Note 7.

The Galaxy Note 5 has a smaller 3,000 mAh battery. The phablet has the same 5-megapixel selfie camera as the latest Galaxy Note 7. The new smartphone from Samsung has a 12-megapixel camera (f/1.7 lens) as opposed to the 16-megapixel (f/1.9 lens) found on the Galaxy Note 5.

It is worth noting that the Galaxy Note 5 does not have a microSD card for storage expansion.

Customers who want to buy the Galaxy Note 5 will have to spend $629.99.

iPhone 6s Plus

The iPhone 6s Plus gave good competition to the Galaxy Note 5. Although customers are waiting for the iPhone 7, the iPhone 6s Plus has impressive specs and features that can rival those of the Galaxy Note 7.

The Apple phablet sports a 5.5-inch screen with a display resolution of 1,920 x 1,080 pixels. The iPhone 6s Plus is equipped with a 12-megapixel (f/2.2 lens) rear-facing and a 5-megapixel front-facing camera.

The iPhone 6s Plus is available in 16 GB, 64 GB and 128 GB internal storage options with no microSD card slot. Customers can buy the Apple offering at a starting price tag of $749.

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