AT&T has a $325 early termination fee to get out of your 2 year contact, and unfortunately you can't use your AT&T iPhone on Verizon. There are methods you can use to mitigate the damage on your wallet though.
Every month you are into your 2 year AT&T contract, $10 is deducted. So if you are one year in, you would owe AT&T $205. If you originally got the iPhone 4 in June, than you would owe AT&T $255.
Here's the tricky part - you can still get money for your now old iPhone by selling it. Lets say you have a fairly new iPhone 4. If you sell as soon as you get your new iPhone from Verizon you will be able to get back a lot of your money. Don't wait too long though - the value of AT&T iPhone 4's will decrease as more and more people try to sell them. If you know exactly what day you're getting your new iPhone, it would be wise to list your old iPhone even before you get your new one, so you can get a head start.
So, for example, if you have a newer iPhone 4 with AT&T, you cancel your contact a $255. You sell your old iPhone on ebay and get $200 for it (estimate). The price for an iPhone on Verizon is $199 for 2 year contact.
That comes out to a total spent of $254. Not bad!
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