It could either be the controller or the motor/trans. Can you hear the motor spinning? Based on the noise you heard a failed transmission seems likely.
If I was in your shoes I'd head to the home center and look at the clearance section and bargain them down from there. There are definitely deals to be had.
I'd guess the cost of the transmission is around $100 or more. Like you said, can't be without it for too long or you'll be heading to the laundromat.