A model predictive maintenance (MPM) system for building equipment. The MPM system includes an equipment controller configured to operate the building equipment to affect a variable state or condition in a building. The MPM system includes an operational cost predictor configured to predict a cost of operating the building equipment over a duration of an optimization period. The MPM system includes a budget manager configured to generate one or more budget constraints. The MPM system includes an objective function optimizer configured to optimize an objective function subject to the one or more budget constraints to determine a maintenance and replacement schedule for the building equipment. The objective function includes maintenance and replacement costs of the building equipment and the predicted cost of operating the building equipment.