Livinginabstraction

The home studio is so my band can produce our own songs ourselves (make an EP) rather than paying someone to let us use their equiptment. Our budget is around $1000-$1,500 but ofcourse if it's cheap and works just as good we will take the cheap stuff. As far as the mixers/sequencers go I really have no knowledge about them past their basic use (other band members do) so it's more that I have read through forums and made a list of whats needed but more likely I won't be the one purchasing them because I know ill end up getting a P.O.S.

I'm just wondering what all is needed to make a decent home studio. From what i've researched ill need ... microphone(s) mixer keyboard sequencer software amazing sound card speakers headphones Anything else?