Can I cancel my ATT contract and keep my iPhone 5?

I bought the iPhone 5 from the Apple store for the $199 contract price. I'm still within the 30 day period of being able to cancel my plan with incurring any ETF fees. Is it possible for me to cancel my plan but still keep the iPhone? Would there be an additional charges if I kept the iPhone 5?

Thank's for your help!

Yes!

You would have to wait until 30 days have passed to cancel because they will take the phone back if you do so before hand.

AT&T apparently plan to half that time to 14 days but it wouldn't be in time to make any effect in this case.

The ETF is $325 (-$10 for every month of the contract you are in)