Cancellation Fee for Smart Phone

I am curious, what is the Cancellation Fee for a Smart Phone? In particular a Droid Incredible 2.
Also would the amount of the Cancellation Fee Matter if the End date was say less than a month away? Its end date is 9/13/2013 which is 5 weeks away.
I am basically wondering if it would be cheaper to just wait until then and pay one more month of the bill on it cancel it right now. The reason I am going to cancel this one phone from our plan,is because we got a new smart phone for my sister, through Verizion again, on its separate plan. She needed a new phone because here old phone was broken and it was a replacement already. Also we found out it would be cheaper for us if she had here own new plan then to continue here plan on our current family plan. Sound strange but is the case. Anyways I am curious as to what the cost is if I remove the phone early.

The Upgrade would actually cost here a little more than the deal for the new phone with a contract. Strange isn't it? But that is what it turned out to be when they went into the Verizon Store. Maybe the Staff at that Verzion Store didn't give them all the options or something but that is what they laid out for them when they asked about there options.
Another issue with the Upgrade is locking in a different plan from our older original plan. Although I do not think that would have mattered for her phone, but it was a fear in our minds non the less. Now my Phone on the other hand matters a lot with an Upgarde for it. I have the original DroidX and on it I still have the Unlimited Data. If I were to ever upgrade they would remove the Unlimited Data. At least that is what everyone has been saying. So for me I will never upgrade my phone. I am really Anti Data-Cap. My smart phone would be useless with a cap of 5gb. I use way more than that every month.
You know our Family Plan right now that we have is actually around $300 a month. Regular charges and not going over anything. Crazy if you ask me. Having this one phone removed will only bring the bill down about $60 but I also am going to be removing my HotSpot soon as well when its contract ends. I know longer need it as I am back home and not away at that job out of state. That will be around another $60 as well. Then it will just be mine and my mothers phone. Hopefully we can work with that bill better. If not then my Mother might decide to just cancel the plan all together.
The fact that my mother might cancel the plan is the main reason why we decided to get my sister her own plan. She still needs the phone.
Anyways after reviewing our current bill and what it would cost with her phone removed and her separate bill, the total is a lot less in the long run. Specials of new contracts and all that.
Thanks you tow for the replies.

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