Cell Phone buyout question.

I just got a new phone in Oct of last year. Im currently paying approx. $74 dollars a month. From my understanding, if I were to buy it out now, it would be a max of $400. Do I own the phone at that point? Then I could sell the phone to recoup some of the buy out cost.

$75 a month times 34 remaining months=$2550. Wind Mobile has that $40 unlimited text and data, so if I switched, I feel the savings would be immense.

I am with Telus. Thanks