The objectives of this study are to analyze the performance of a heat pump system with the various heat source and to carry out economic assessment for the heat pump system. The COP of the river water and ground source heat pump system was 20% higher than that of the air source heat pump system because river water and geothermal provide stable operating temperature compared with air temperature throughout the year. In addition, the economic assessment of a heat pump system using air, river water, and geothermal as a heat source was carried out. The ratio of the life cycle operating cost to the life cycle cost increased with the increase of building capacity. The payback period was found to be less than 3.3 and 4.5 years, respectively when the capacity of the river water and ground source heat pump was larger than 10 RT.