<PAGE>
PROSPECTUS SUPPLEMENT
(TO PROSPECTUS SUPPLEMENT DATED JULY 24, 1998
TO PROSPECTUS DATED JULY 23, 1998)
$172,901,967 (APPROXIMATE)
CHASE MORTGAGE FINANCE CORPORATION
SELLER
MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-AS1
Based upon the assumptions set forth in the attached Prospectus Supplement
dated July 24, 1998 (the "Prospectus Supplement") under the heading "Prepayment
and Yield Considerations", the following tables indicate the weighted average
life of the Class IA-X and Class IIA-X Certificates and set forth the
percentages of the original notional balance of each such Class that would be
outstanding after each of the dates shown at various percentages of the
Prepayment Model. The information set forth below supersedes the information
with respect to the Class IA-X and Class IIA-X Certificates which appears on
pages S-50 and S-51 of the Prospectus Supplement.
Capitalized terms used but not defined herein shall have the meanings
ascribed to such terms in the Prospectus Supplement.
PERCENTAGE OF INITIAL PRINCIPAL BALANCE OUTSTANDING
AT THE RESPECTIVE PERCENTAGES OF THE PREPAYMENT
MODEL SET FORTH BELOW
<TABLE>
<CAPTION>
CLASS IA-X(2) CLASS IIA-X(3)
------------------------------------------------------------- ----------------------
DISTRIBUTION DATE 0% 50% 100% 150% 200% 0% 50%
- --------------------------------------------- --------- --- ----- ----- ----- --- ---
<S> <C> <C> <C> <C> <C> <C> <C>
Initial...................................... 100 100 100 100 100 100 100
July 25, 1999................................ 99 93 87 81 75 96 91
July 25, 2000................................ 98 85 73 61 51 92 80
July 25, 2001................................ 97 77 60 46 34 88 70
July 25, 2002................................ 96 70 50 35 23 83 61
July 25, 2003................................ 95 64 42 26 15 78 53
July 25, 2004................................ 94 58 34 19 10 73 45
July 25, 2005................................ 92 53 29 15 7 67 38
July 25, 2006................................ 91 48 24 11 5 60 32
July 25, 2007................................ 89 43 19 8 3 53 26
July 25, 2008................................ 87 39 16 6 2 46 20
July 25, 2009................................ 85 35 13 5 1 38 15
July 25, 2010................................ 83 31 11 3 1 29 11
July 25, 2011................................ 81 28 9 2 1 19 7
July 25, 2012................................ 79 25 7 2 * 9 3
July 25, 2013................................ 76 22 6 1 * 0 0
July 25, 2014................................ 73 20 5 1 * 0 0
July 25, 2015................................ 70 17 4 1 * 0 0
July 25, 2016................................ 67 15 3 1 * 0 0
July 25, 2017................................ 63 13 2 * * 0 0
July 25, 2018................................ 59 11 2 * * 0 0
July 25, 2019................................ 55 10 1 * * 0 0
July 25, 2020................................ 51 8 1 * * 0 0
July 25, 2021................................ 46 7 1 * * 0 0
July 25, 2022................................ 40 6 1 * * 0 0
July 25, 2023................................ 35 4 * * * 0 0
July 25, 2024................................ 28 3 * * * 0 0
July 25, 2025................................ 22 2 * * * 0 0
July 25, 2026................................ 14 1 * * * 0 0
July 25, 2027................................ 6 1 * * * 0 0
July 25, 2028................................ 0 0 0 0 0 0 0
Weighted Average Life in years(1)............ 20.27 9.44 5.53 3.77 2.81 8.83 6.02
<CAPTION>
DISTRIBUTION DATE 100% 150% 200%
- --------------------------------------------- ----- ----- -----
<S> <C> <C> <C>
Initial...................................... 100 100 100
July 25, 1999................................ 85 79 73
July 25, 2000................................ 68 57 48
July 25, 2001................................ 55 42 31
July 25, 2002................................ 43 30 20
July 25, 2003................................ 34 21 13
July 25, 2004................................ 27 15 8
July 25, 2005................................ 21 11 5
July 25, 2006................................ 16 7 3
July 25, 2007................................ 12 5 2
July 25, 2008................................ 8 3 1
July 25, 2009................................ 6 2 1
July 25, 2010................................ 4 1 *
July 25, 2011................................ 2 1 *
July 25, 2012................................ 1 * *
July 25, 2013................................ 0 0 0
July 25, 2014................................ 0 0 0
July 25, 2015................................ 0 0 0
July 25, 2016................................ 0 0 0
July 25, 2017................................ 0 0 0
July 25, 2018................................ 0 0 0
July 25, 2019................................ 0 0 0
July 25, 2020................................ 0 0 0
July 25, 2021................................ 0 0 0
July 25, 2022................................ 0 0 0
July 25, 2023................................ 0 0 0
July 25, 2024................................ 0 0 0
July 25, 2025................................ 0 0 0
July 25, 2026................................ 0 0 0
July 25, 2027................................ 0 0 0
July 25, 2028................................ 0 0 0
Weighted Average Life in years(1)............ 4.33 3.26 2.56
</TABLE>
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(1) The weighted average lives of the Offered Certificates as shown above are
determined by (i) multiplying the amount of each assumed principal
distribution by the number of years from the date of issuance of the
Certificates to the related Distribution Date, (ii) summing the results and
(iii) dividing the sum by the total principal distribution on such
Certificates.
(2) Indicates the percentage of the Class IA-X Notional Amount outstanding.
(3) Indicates the percentage of the Class IIA-X Notional Amount outstanding.
* Less than 0.5% but greater than 0.0%.
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The date of this Prospectus Supplement is July 31, 1998.
