Yes, it is cheaper. Do the math. You are paying $750 towards the phone itself, and a very high $115/month phone bill on top of that. If you went with a $45 SIM from Straight Talk, Virgin, or somebody like that, you would save $840 on service alone during the course of the first year—enough to pay for the phone.
Basically, because you are using AT&T, you are paying for three iPhones instead of one.
BTW, there is no difference in an unlocked iPhone 6 price wise. Here is the link from Apple.