* Labor costs: This varies wildly by location (rural vs. urban, etc.) and the shop's hourly rate. You could pay anywhere from $75 to $150+ per hour. The job itself takes a few hours.
* Part cost: The water pump itself can range from $50 to $200+ depending on the brand (OEM Ford parts are usually more expensive than aftermarket brands). You might also need a new thermostat and other related components, driving up the cost.
* Shop vs. DIY: Doing it yourself will save you significantly on labor, but requires mechanical skills and tools.
Therefore, a reasonable estimate for the total cost ranges from $300 to $800 or more. The lower end assumes a less expensive aftermarket part, lower labor rates, and a DIY approach (or a very good deal from a mechanic). The higher end accounts for higher labor rates, a more expensive OEM part, and the potential need for additional repairs or parts.
To get a precise quote, contact several local mechanics or auto repair shops in your area and provide them with your vehicle's year and mileage. This will give you a better understanding of what to expect. Online parts retailers can also give you an idea of the part cost alone.