Who I have the same questioned this topic

It is unclear to me if the balance on my current Iphone goes over to the new Iphone or if it is forgiven, pay the upgrade amount and move over  or what?  Here is what I get when I ask: 

• Pay $95.74 to upgrade early
• Pay $670.74 to pay off the device
• Buy at retail price

So do I pay the $95.74 and the $670.74 magically goes away OR do I end up owing Verizon over 2k for phones.  If it is the latter?  I will have the 10 forever.  Just saying.   (I am however falling in love with my work phone which is a Samsung Galaxy 8...  Amazing user friendly phone).  Thanks