Early Termination Fee for a smartphone is $350 minus $10 for each full month of your contract term that you complete
$350 - $110 (if 11 full months are completed) = $240
That would cancel your account, leaving you with no phone.
Swap the iPhone for a "dumbphone" and eliminate $30 a month data charge.
Cut texting and save $10-$30 a month depending on options you have now
Reduce minutes if that's feasible
Sell your iPhone and then port out your number to another carrier or just cancel the line.
Wouldnt they have to cancel the line, resulting in an EFT before selling the phone. (Unless they have another phone available)
Your way works too.