What do I do after I terminate my iphone contract?

So what would I be able to do if I called up att right now and paid the early termination fee to end this (incredibly pricey) service?
What can I do with my iphone? Is it usable? As an iTouch? Or can I get it on a prepaid deal?

You can still get a prepaid phone an just use your iPhone
Or you can sell it

  • Will buying an iphone in contract and unlocking cause contract immediate fee? If i buy a iphone for example on att contract and unlock it, will att charge me what's left on the contract or will i just go by like nothing happened and free of contract? I haven't seen this but it makes quite a bit of sense for companies… Not sure if they do however.
  • Which is better iphone 5s plan, contract or no contract? I want to get an iphone 5s but i don't know if it's better to get a contract plan or a no contract plan. I would be having to pay every month with a contract and that's annoying. Yet with a contract i wouldn't have to pay that much for the phone would i? If i got the non contract i would get to pay the bill when i want but i would have to pay full price for the phone.
  • Should I get iPhone 5 or iPhone 4S? No contract or with contract? I don't know what exactly is so much better with the 5 compared to 4S? I'm thinking to get it with no contract because I'll be in Europe over the summer so I'll need another contract over there for a few months so that likely wouldnt work if I got a 2 year contract here in the US is the 5 much more expensive than the 4s? and does the price vary a lot if I buy with/without contract?
  • Is there a minimum time in order to early terminate a verizon contract? I want to get an iphone 5s from Verizon and I heard they sell them unlocked with 2 year agreement. They have a 350 early termination fee so it's 125+350=475.So in the end, it will be cheaper than the unlocked cost. So I was wondering if this would work and would there be a minimum service time verizon requires?