Several task forces have been working on how to design the future Internet in a clean slate manner and mobility management is one of the key issues to be considered. However, mobility management in the future Internet is still being designed in an “all-in-one” way where all management functions are tightly kept at a single location and this results in cost inefficiency that can be an obstruction to constructing flexible systems. In this paper, we propose a new function-distributed mobility management architecture that can enable more flexible future Internet construction. Furthermore, we show the effectiveness of our proposed system via a cost analysis and computer simulation with a random walk mobility model.