Can I switch from 2 year contract to a month to month service?

I'm getting my Verizon iPhone 5 tomorrow. Would I be able to switch from a 2 year contract to a month to month service? I know that the iPhone 5 with month to month service is more expensive but I'm thinking I could just pay the rest of the price of the iPhone to Verizon instead of returning this phone and buying another one.

You will have to PAY an early termination fee for your two year contract.