Setting up a home recording studio?

Have you considered a USB mic? It would eliminate the need for an interface entirely. Plus you can get really decent quality sound for USB mics starting at around $59. I heartily recommend the Samson Q1U. I have one and it's freakin' awesome. It also comes with Cakewalk Music Creator 5. For 59 clams you can do everything you said you were looking to do. How's that for saving a teenager some money;)?