When will it need a timing belt and how much will it cost?

I'd replace the water pump, camshaft and crankshaft oil seals at that time. And yes, it's time for a new timing belt and water pump. Either of these items failing could be disastrous for the engine. If you want to find a Toyota specialist, here's our directory link for you: https://repairpal.com/toyota-repair-in-birmingham-alabama