Check underneath for rust,get a lower price if car is car is rough. Brakes,starter,exhaust,battery, I have a 1995 with 200,000 if you like working on them go for it.
you have a blown head gasket water is getting in to the engine oil
no it would not
That engine doe's not have a timing BELT. It has a timing chain and gears. The chain and gears are about $60.00 the gasket is about $12.00 and the Labor would run about $150.00.
Assuming you did nothing to disturb the timing it would not have to be reset just for changing the head gasket.
Although I am not a certified mechanic....hell or even a mechanic , I would say no unless the timing chain is in the way of the gasket replacement, you should be able to on most motors replace header gaskets without the removal of the timing chain. ( timing chains are usually involved with the cam/rod repair and or replacement and such)
The year, make, model and engine info would help.
Check water pump and pump gasket.
You don't have a timing belt, you have a timing chain..(that's for the other foreign automaker...that charge way to much at the lot..but are way too cheap to give you what you pay for.) you timing chain is located under you valve cover gasket, you would have to remove it in order to get at the chain.
It is mounted to the timing cover, and any gasket can start leaking for any reason, including just plain old age. Gaskets are not infallible, they will leak from time to time.
I would check front crankshaft seal or timing cover gasket. The Crank pulley might be "throwing" oil on to the belts and Alternator.
water pump leaking at seal hard lower radiator hose or loose clamp hardened or punctured bypass hose shrunken timing cover gasket thermostat gasket shrunken
Check water pump and pump gasket ck freeze plugs on front, and therm housing.