The condensing heat exchanger is commonly applied in various heat exchange systems. It can efficiently recover moisture and heat from the flue gas that contains water vapor. However, the convective-condensation heat transfer process is so complicated that no mature thermal calculation model is available. This study develops a thermal calculation model for the widely employed tubular condensing heat exchanger in industry. To characterize the degree of the heat and mass transfer, this study introduces two parameters, namely the sensible and latent heat transfer efficiencies of fin. The thermal calculations are conducted for the condensing heat exchangers reported in the literature to verify the proposed model by comparing it with the experimental data. The results show that the absolute error of the calculated sensible and latent heat transfer efficiencies is 0.0365 and 0.0268, respectively. Under the working conditions in this study, a maximum difference of 5.2 K has been acquired between the measured and calculated values of the outlet temperature. The relative error of the condensate water flowrate is mostly within ±5.0% and ±10.0% under the bare-tube and finned-tube conditions, respectively, with a maximum deviation of 0.7 and 1.4 kg h-1. This study provides a general model for designing and optimizing various tubular condensing heat exchangers accurately.