Clarification on how Edge works

Hello - just want to confirm how the Edge program works before getting new iPhone 6's for the family. We have 5 lines and only 1 is a smartphone (iPhone 4 on the unlimited plan). We will be dropping 1 of the 5 line completely because it is not being used much. With the remaining 4 lines - we will getting 3 iPhone 6's and may keep the 4th line for a "dumb" phone. So that is the background.
Anyway, with the Edge Plan as I understand it, we would be paying for the full retail cost of the iPhone 6's over a 20 month period PLUS the monthly cost of the line access/data plan.
As an over simplified example: 3 iPhone 6's on the Edge program at $33/month (say $100 total for the 3 iphones)
Plan costs: $175 (3 smartphones + 1 dumbphone with 10GB of data)
So, for the next 20 months our TOTAL monthly VZW bill will be $100 + $175 = $275 + taxes, etc
At Month 21 our TOTAL monthly VZW bill will then just be $175 + taxes, etc
Am I correct?

Yes, if the month to month(non-contract) $25 smartphone discount is still available in 20 months.

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