A quick Google search for that model shows that you can purchase an (near) exact replacement for under $200. Here's a link to the first search hit:
https://www.spapumpsandmore.com/Waterway_Iron_Might_3410020_1E_p/waterway34100201e.htmI did see that searching for that part number generates hits for both 115V and 230V models, some claiming 1/8 HP and some claiming 1/15 HP. What you really should care about is the overall size, diameter and threads on the pipe fittings, voltage, and the flow rate. The hits that say 1/15 HP specify a flow rate of 40 gpm. So do the hits that say 1/8 HP. So don't worry about the HP rating.