Perpetual Licenses vs Annual

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I'm interested in a non-commercial license. I'm not certain that I understand the difference between the Perpetual Licenses vs Annual Licenses. I want to be clear on the matter.Would a Perpetual Licenses at $95 then $39/year be equivalent to an Annual License at $69/year.

If I understand that correctly then it seems like after only two years, the Perpetual License would become a much better deal.

Or, alternatively, is it the case that with the Perpetual License, even with the $39/year for upgrades and support, I will have to pay for the major upgrades. 

Thank you.