Would I have to pay for an iphone 5 with an upgrade?

I have an upgrade with verizon and i was wondering if the phone would cost anything, or i'd get it for free? I would be renewing my 2 year contract.

Yes it still costs.

You wouldn't get it for free but you would pay the same price as new customer. A new iPhone 5 real cost is about $650 for a 16gb model but when you sign a new contract or renew one they give you a discount which brings the cost down to about $200. Before you sign a new contract I would ask you to consider if it's worth it.

With Verizon a unlimited talk and text plan with 2gb of data is about $100 a month plus tax with a 2yr contract. In contrast I pan $49 a month for unlimited talk, text and data and have no contract but, I paid full price for my iPhone. So if you are over paying by $51 a month and locked in for 2yrs you are really paying about $1, 400 for that iPhone ($199 price plus $51 x 24 months).

Personally I thinks it's better deal to pay full price for your phones and not be locked into a contract with an early termination fee.