What stock price do I need to break even on a put option?

How this is calculated

• Break-even stock price at expiration equals the strike price minus the premium paid per share. This is the opposite direction from a call option, since a put gains value as the stock falls.
• Total premium paid equals the premium per share multiplied by 100 shares per contract, multiplied by the number of contracts.
• Maximum loss on a long put is capped at the total premium paid, and happens if the stock finishes at or above the strike price at expiration.
• Unlike a call, a put's maximum profit is also capped. A stock can only fall to $0, so the most a put can pay out per contract is the strike price minus the premium, times 100.
• This is the break-even price at expiration. Before expiration, the option still carries extrinsic value, so it can gain or lose money at stock prices above or below this number.
• This assumes one standard equity option contract represents 100 shares and does not account for commissions, fees, or assignment mechanics.