Whether you are starting out in home recording or just want to add a high quality, versatile microphone that can do a number of things well, there are several good choices that can record electric guitar and drums without breaking the bank. Some can even record vocals and acoustic guitar as well.
There is often crossover between mics that can be used to record electric guitar and mics that can be used to record snare drum in particular, but also toms, and sometimes bass drum.
Two of the top mics for miking electric guitar amps, the Shure SM57 and the Sennheiser MD421-II, are also two of the top microphones for recording snare drums. Both mics are also top microphones for recording toms. And in a pinch, you can even use the SM57 to record bass drum or use 2 of them for drum overheads. Some people have recorded their drum set entirely with SM57s.
Another top microphone for recording electric guitar, the Sennheiser e906, also does a good job on snare drum and toms.
All three of these microphones can also be used to record acoustic guitar although only one of them, the Shure SM57, is probably going to be on any top mics for recording acoustic guitar lists. The others do a solid job though.
Two of these mics, the Shure SM57 and the Sennheiser MD421-II could also be used to record vocals, and the SM57 can also used for vocals in a live setting. We would not recommend the e906 for vocals.
The price point of these microphones varies. The Shure SM57 is the most affordable, often hovering around $100. The e906 is usually available between $150-200. The Sennheiser MD421-II is the most expensive and will usually run between $300-400.