Perceived externalization is a relevant feature to create an immersive acoustic environment with headphone reproduction. In the present study, listener-specific acoustic transfer characteristics for an azimuth angle of 90° were modified to investigate the role of monaural spectral cues, interaural level differences (ILDs), and temporal fluctuations of ILDs on perceived externalization in anechoic and reverberant environments. Listeners' ratings suggested that each acoustic cue was important for perceived externalization. If only one correct acoustic cue remained in the ear signals, the sound image could not be perceived as fully externalized. Reverberation did reduce but not eliminate the influences of monaural spectral and ILD cues on perceived externalization. Additionally, the spectral details of the ipsilateral ear signal were more important for perceived externalization than those in the contralateral ear signal. A computational model was proposed to quantify those relationships and predict externalization ratings by comparing the acoustic cues extracted from the target (modified) and template (non-processed) binaural signals after several auditory processing steps. The accuracy of predicted externalization ratings was higher than 90% under all experimental conditions.