Working as a programmer I have never used such a tool before, but now I'm trying to find an appropriate one, but I can't. I have checked few which I've found but there are a lot of features I will hardly use. I don't want to pay for features I don't use. But to work with a lot of subscribers I will have to upgrade to highest plans. Does anyone experience similar problem?
PHPlist is very useful and comes packed with features that most people will never use. What is useful is the ability to use multiple mailing lists, default html headers/footers and automatically translate (and include) text only email for those who don't accept html mail. You can send yourself samples before sending to the masses. It's also hostgator friendly, so cheap hosting is only right around the corner. I've used it for years with my clients and although I've never tried SwiftMail, I can honestly say there is no reason for me to change. PHPlist is also PHP driven (obviously) and totally open source.
I'm not sure if it's what you are looking for but I use SendStudio. It's not a monthly service - you just buy it outright. It's used by Dell, Shell, Schwab, Lego, and many more worldwide. Just go to SendStudio.com.
If you are looking to host it on your own server, then I highly recommend http://www.autoresponseplus.com No monthly fees, just a one time payment of $195 I think.
I'd just like to add that we also offer a software package for sending mailings. It's also available as low as $49 and even at that cost (one-time fee) there is no restriction on list size or # of e-mails you can send. Check the signature and feel free to PM me if you have any questions!