Break-even
The underlying price at expiration where an option position neither gains nor loses, before fees. For a bought call it is the strike plus the premium.
Break-even combines the strike and the premium per share. For a bought call, it is the strike plus the premium paid. For a bought put, it is the strike minus the premium paid.
Above a call’s break-even at expiration the position gains, and below it the position loses, up to the full premium. Commissions, fees and the bid-ask spread move the effective break-even further away. Before expiration an option can be worth more than its intrinsic value, so break-even describes the expiration outcome only.
Illustrative example (hypothetical numbers, not a real trade): a $100 call bought for $3.50 breaks even at $103.50 at expiration. A $100 put bought for $2.80 breaks even at $97.20. With the stock at $103.50 at expiration, the call is worth exactly the $350 paid for it.