Let $\text{Col}(\alpha, \beta)$ be the forcing poset that collapses $\beta$ to $\alpha$, let $Q$ be any old forcing poset, with $|Q| = \lambda$.
Why is $Q \times \text{Col}(\omega, \lambda) \cong \text{Col}(\omega,\lambda)$?
Let $\text{Col}(\alpha, \beta)$ be the forcing poset that collapses $\beta$ to $\alpha$, let $Q$ be any old forcing poset, with $|Q| = \lambda$.
Why is $Q \times \text{Col}(\omega, \lambda) \cong \text{Col}(\omega,\lambda)$?
This is a consequence of Proposition 10.20 in Kanamori's The Higher Infinite (p. 129):
Note that $\text{Col}(\omega,\lambda)$ has cardinality $\lambda$, and therefore $Q\times\text{Col}(\omega,\lambda)$ has the same cardinality. Both forcings add a new surjection from $\omega$ onto $\lambda$, and therefore both have a dense subset isomorphic to a dense subset of $\text{Col}(\omega,\lambda)$.
It follows that the Boolean completions are isomorphic, and so both forcings are equivalent.