Can we use our 401k or take out a mortgage – 15 year fixed?

We are building a new home and need to take out a loan – about $ 200K. My husband’s 401k can more than cover this. Upon applying for a 15 year fixed (@250K)- the interest was a whopping 147K. How much can we borrow from the 401K? We also have an ok separate retirement account that i was think about tapping into. We need to save for 2 middle schools students to go to college. It seems that 147K interest would be great for college – no? Please advise if you can – Its all a racket – thanks –
My credit score is 750. Thanks for all the answers – that was interest on a 15 yr. @ 6.65 (or close.) I see it 6.30 today. We have never had debt – so that 147K in interest is “killing” us. I know we can accelerate payments etc. But wow. Thanks

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