Verizon iphone 5 early termination?

If i buy the iphone 5 32g from verizon with 2yr contract for $299 and then cancel the service after 20 days by paying required $350 early termination fee, does this mean that i will own the iphone for total of $649 (299+350) and switch to other carrier?

canceling after 20days is because if i terminate the service in 14 days, i have to return the device

Yes, you would own the phone and yes you could switch to another carrier. But, what would you do with a phone that won't switch with you?

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