In assembly processes, collaborative robots (cobots) can provide valuable support to improve production performance (assembly time, product quality, worker wellbeing). However, there is a lack of models capable of evaluating cobot deployment and driving decision-makers to choose the most cost-effective assembly configuration. This paper tries to address this gap by proposing a novel cost model to evaluate and predict assembly costs. The model allows a practical and straightforward comparison of different potential assembly configurations in order to guide the selection towards the most effective one. The proposed cost model considers several cost dimensions, including manufacturing, setup, prospective, retrospective, product quality and wellbeing costs. The cost estimation also considers learning effects on assembly time and quality, particularly relevant in low-volume and mass customised productions. Three real manufacturing case studies accompany the description of the model.