Modeling of capacitive micromachined ultrasonic transducers (cMUTs) is based on a two-port network with an electrical and a mechanical side. To obtain a distributed model, a solution of the differential equation of motion of the diaphragm for each element of the transducer has to be found. Previous works omit the mechanical load of the cavity behind the diaphragm, i.e., the effect of the gas inside. In this paper, we propose a distributed model for cMUTs that takes this effect into account. A closed-form solution of the mechanical impedance of the membranes has been obtained, including the effect of the restoring forces because of the stiffness of the membrane and because of the compression of the air in the cavity. Simulation results based on the presented model are compared with the experimental data for two types of cMUTs reported in the recent literature. It is demonstrated that the compression of the air has a significant effect on the fundamental frequency of the air transducer, with a deviation of about 22% from the prediction of a model that does not consider the interaction between the vibrating diaphragm and the air cushion.