How much is an iPhone 5 without an upgrade?

In late December, I lost my Samsung Galaxy Nexus and replaced it with an LG Lucid (biggest mistake ever) a few days later… By then it was early January.So, now I'm getting an iPhone 5 and I know that I'm not due for an upgrade. How much is this going to cost? My cell carrier is Verizon by the way.

Thanks (:

Added (1). I just went on the Apple website and I want the 16 GB white iPhone. It says that it's $650 unlocked and contract free. I want a contract… But I'm not due for an upgrade. Does that basically mean that I can't have a contract?

$650