You can, or you can pay 75% and trade it in early for the next phone.
You only end up paying full retail when you want to keep it or trade it in for the credit of the phone for a promo they're doing.
gotcha
Verizon still offers the two year contract and my cycle is usually renew by getting the discount then sell my existing iphone where in the end I usually only have to pay $100 but since I am upgrading to a 7+ from a 6, it's gon' be $200 instead.
I was trying to see if the lease is the better option but since I don't mind being tied up for another 2 years (been with Verizon for 15+ years now, before they were even Verizon - I think they were Airtell?) I think that might be the better option and i pretty much own the phone upfront.