Developing mathematical models for describing heat exchanger outlet temperatures is of great importance for the practice, since heat exchangers are unavoidable elements in any applications, where heat transfer is needed between hydraulically separated fluid parts. The conventional, well-tried physically-based E model (standing for the known effectiveness-NTU approach) is recalled. This model assumes energy balance between the two sides of a heat exchanger (without any interaction with the environment). Based on studies in the literature, mathematical models with similar simplicity and usability to that of the E model, but under heat gain/loss to the environment, are still lacking in the field. This work intends to contribute to filling this gap with two proposed models, called ME and LR models. Based on measured data, all three models are accurate enough for general engineering/modelling purposes, nevertheless, the partly physically-based, partly empirical ME model is more precise than the E model if the heat gain/loss to the environment is considerable, and the empirical (black-box type) LR model is more precise than both the E and ME models if the heat gain/loss is not negligible. Furthermore, the outlet temperatures can be explicitly expressed from the simple linear algebraic relations characterizing all models alike.