It has been shown earlier that the airgap flux density of PM motors with buried magnets can be calculated with a satisfactory result, if saturated iron bridges, axial leakage flux (from 2D-FEM) and teeth saturation are taken into account. In this paper, instead of using 2D-FEM, an analytical expression for the axial reluctance is derived. By including the saturation of rotor and stator yokes, the model is even further improved. The result is a complete analytical model, which takes into account all phenomena mentioned above, and improves the agreement with experimental values.