We present a parametric equivalent circuit model for a circular CMUT in collapsed mode. First, we calculate the collapsed membrane deflection, utilizing the exact electrical force distribution in the analytical formulation of membrane deflection. Then we develop a lumped element model of collapsed membrane operation. The radiation impedance for collapsed mode is also included in the model. The model is merged with the uncollapsed mode model to obtain a simulation tool that handles all CMUT behavior, in transmit or receive. Large- and small-signal operation of a single CMUT can be fully simulated for any excitation regime. The results are in good agreement with FEM simulations.