I believe your $150,000 mutual fund will be counted as an asset (@kelsmom is that correct) in addition to the $100,000 you have in your house savings account.
If that is correct, that’s $250,000 that will be counted if it’s still in your accounts the day you file your financial aid forms.
For the FAFSA, that would add about $14,000 to you expected family contribution (5.6% of the amount).
Schools that use the Profile might assess differently.
But really…what colleges will your kid be applying to? This will make a difference if you are applying to colleges that guarantee to meet full need. But if not, your family contribution might have been the same anyway.
I would suggest you run a couple of college net price calculators…do them with and without that house downpayment money. The NPCs are current set for kids starting in fall 2021…but this will give you a ballpark of the difference.