verizon iphone 5 early termination?

HEODk

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If i buy the iphone 5 32g from verizon with 2yr contract for $299 and then cancel the service after 20 days by paying required $350 early termination fee, does this mean that i will own the iphone for total of $649 (299+350) and switch to other carrier?

canceling after 20days is because if i terminate the service in 14 days, i have to return the device
 
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