i have a hole in my engine that poors out coolent

My 95 or 96 not really sure, was leaking oil so I thought. I would turn the car on an let it idle an about 5 to 10 mins later white smoke would come from the far back of the engine on the drivers side. Now I'm super lost I thought I had blown a head gasket but Idk people keep telling me all kind of things. I just want to know y my car has a big hole in it an is there a way to fix it. I can't see the hole but when I stick a water hose in the radiator hose I can see the water flowing from something big on the engine. Also my fans are not turning on an i tryed to replace the relays but still nothing. People are telling me that its going to cost close to about 500 to fix it, now me not knowing much about cars is that a reasonable price or is someone trying to rob me? What should I do?
Thank you
Nece