Energy certification of buildings in Serbia was introduced in 2011 and energy label depends on energy need for heating per unit floor area of heated space, calculated by the fully prescribed monthly quasi-steady-state method defined by ISO 13790. In the Republic of Serbia, most of families live in single-family houses built before the energy certification of buildings was introduced. Therefore, the estimation of energy performance of the existing buildings is important for labeling, and evaluation of energy saving measures and energy strategies to be implemented. This paper examines the applicability of monthly method defined by National legislation on the existing buildings stock in Serbia, by comparing it to the more accurate dynamic simulation method. Typical single-family houses are taken as a test case, since they are responsible for about 76% of energy consumption for heating. The results show that the dynamic simulation method estimates 21% to 54% higher energy need for heating, compared to the monthly method. Also, the monthly method estimates up to 13% higher savings by typical building envelope energy saving measures, compared to the dynamic simulation. This paper recommends improvement in procedures for calculation of building energy performance index to better assess energy consumption, effects of energy saving measures, and create solid background for developing and implementing of energy saving strategies.