Cost for an early termination with Verizon?

I just added a new line last month for someone and the phones already broken. I want him eliminated from my plan. The phone was a smartphone, the iPhone 4. I understand that the elimination fee is $350 minus $10 every month you're on the contract, but do you have to pay the entire fee at once? Or can you tell them you want to terminate the line and make payments every month until you pay out the entire $350? Or should I just keep the line and wait until the contract is up? Or upgrade and give the line to someone else? And if I can make payments for the termination fee, how much is it a month? Any help would be appreciated!

It would be one lunp payment. I would recommend that you deactivate the line on your plan. This basically means that you have a line you don't use. It cost $10 a month to maintain a deactivated line on your account, but that is much much cheaper than paying the termination fee. Then when you have the contract end you just close the line.