can my iphone5 be switched to prepaid from contract?

[leewk114]

i have an iphone5 under 2years contract

but i feel like i want to have this phone as a contract free

so, my question is,

i know that i have to pay for rest of my iphone5 price (i have paid $200 so will need to pay about $500 more...right?)

but i heard there was early termination fee or something like that

so if i pay for phone price and give up for the plan, do i need to pay for termination fee?

P.S. i have paid for first month fee already.

[Ann154]

The iPhone 5 isn't eligible to be used on the prepaid plans offered by Verizon Wireless.