Switch to iPhone mid-contract?

I currently have an LG Cosmos 2 from Verizon. I'm on a shared plan with my family, and I believe it is a 2-year contract that I've had for a year and 3 months (it was late August of '11). Can I switch to an iPhone before the contract is up? How much will it cost? I plan to get the free iPhone 4 so I don't care about the phone cost, just how much it costs to change before the contract is up.

It will be full retail price. It won't be free. The iphone 4 is FREE with a two year contract.

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