How does jump! Work if you pay the full retail value on t mobile?

I really want to get the new iphone on t Mobile. My question is how does jump work if you pay the full retail price. Bc from what I understand you have your phone for 6 months then you can upgrade to a new phone and the balance you had on your old phone I guess gets erased. And you start over with the new phone. So basically like your renting a phone. Is this correct? But that is if you chose to do the monthly payments

I want to pay the full price. But I've read that you don't qualify for jump if you pay the full price. Is this correct?

Correct, you don't qualify for jump if you pay the full price.

T-Mobile Jump lets you upgrade every 6 months by charging you an extra fee every month. You also have to trade in your phone to get a new one.

For specific details and prices check with them.