1997 Toyota Corolla Water Pump repair

Yes, you should replace the timing belt along with the water pump. Although the timing belt does not power the water pump, you have to remove the belt to gain access to the the pump. At that many miles, you should replace the belt, anyway.

I can't really give a definite price as it varies by localities and who buys the parts. If the shop is OK with you buying the parts, and they just install them, you will be saving some money because of the shop markups on parts. If you purchase the parts, make sure that you get the right one. Ask the parts counter to pull the catalog out, instead of relying on the computer. There are two different water pumps, either Aisan or Aisin Seiki. They look identical, yet non-interchangeable.