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Water pump is ~$60, Timing belt ~$25
Unless his belt is new, I would just go buy a new one. In case you aren't aware, it is an interference motor, which means if your timing belt breaks your valves will hit the pistons and ruin some valves, possibly the head, and maybe even a few pistons. So that is one area you want to make sure and have quality parts on.
Another reason to buy new is if the belt were to break prematurely you could take it back to the place you bought it and possibly get them to file a claim to have your car fixed (huge hassle). If you are going to have a shop do the work, let them buy the parts. It will cost more because they will mark them up from what they pay. But if you have a problem you take the car back to the shop and they have to deal with any warranty/compensation with their supplier (best and easiest way). If you buy the parts and take them to have installed, the shop doesn't have to help you get anything and will charge you to do the job again.
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