What Is the Impact of a Net Debit versus a Net Credit on the Collar’s Breakeven Point?

A net debit (cost paid for the options) raises the breakeven point, as the underlying asset must rise enough to cover the initial options cost. A net credit (premium received) lowers the breakeven point, as the premium income immediately reduces the effective cost basis of the underlying asset.

A zero-cost collar's breakeven point is simply the initial purchase price of the underlying asset.