Cognitive radio is a promising technology for sharing the underutilized frequency bands that have been licensed to primary users. However, due to the uncertainty in detecting the existence of the primary user, the secondary user may interfere with the primary users when both primary and secondary users are active simultaneously. Therefore, understanding the interference and its consequences on the cognitive network is critical. Unlike the statistical models previously reported in the literature that aim at approximation of the interference, based on the solid mathematical analysis, we propose an accurate model for describing the co-channel interference with probability density function, cumulative distribution function, mean, and variance of the interference suffered by the primary users. The proposed model not only takes into account a number of factors, such as the spectrum-sensing scheme, the spatial distribution of secondary users, and the channel conditions, including shadowing and Nakagami fading, but also gives an exact mathematical expression of the influences from these factors. The developed framework supports practical applications such as evaluating the cognitive network of any spatial shape and density of the secondary users and the methods of power control and spectrum sensing used by the secondary users. Simulation results are provided to verify the effectiveness of the analytical model.