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Note 5 on contract...what are my options?

Hello...first time postng...hopefully I do ot right. I have a note 5 on the older verizon edge program. My question is can I turn this into prepaid even though I still owe on it? I may be misinformed but I thought I was told once the imei coukld be cloned to a different phones imei and as far as verizon was concered id now be using a moto e or whatever I cloned it to. Is that true? Can anything be done? New to rootong and flashing roms but determined. Any help be apprciated.
 
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