You want to make use of the Calculate Field tool. If you're unsure about the expression, there are a lot of examples in the help.
Taking your question at face value: you don't need ModelBuilder. You just need to run the Calculate Field tool to update some fields. ModelBuilder is good for chaining tools together to make a workflow. (Maybe there is more to your question than you've said....)
Keep in mind that a model tool (almost any created/singular tool) will act against a selection and only the selection. Eg. You have 10 polygons in your featureclass. Within ArcMap you select 5 of them and run your Model-Calc tool. Only those 5 selected will be calculated (updated).