How does a two year contract work?

So currently my iPhone 5 is not turned on and it is Sprint. For one of my gifts I'm getting my phone turned on, but I would have to switch to AT&T. For a 5s it is free with a two year contract, I would get a 6/s but I don't wanna spend extra money. Is it actually a free iPhone with the two year contract or am I paying extra? I know if I fully bought the phone without it, it would end up being $449.99 and I would pay $15 dollars a month. How does this two year contract actually work with a free iPhone is what I really want to know.

It means that you are locked into a two year contract with the phone company. The plan will have a set price, say "$100". It means that over the course of 2 years, you owe them $2400.

Over 24 months, part of the monthly contract IS paying for the phone itself

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