  
    NW-700
    BM-700
  
    Cost
    $23.00
    $27.00
  
    Microphone Type
    Condenser
    Condenser
  
    Frequency Response
    20Hz - 16KHz
    20Hz - 20KHz
  
    Polar Pattern
    Cardioid
    Cardioid

When looking at the specifications, you may think that the BM-700 should have been the microphone that came out on top, but when listening to the actual sound produced by each microphone the NW-700 is the real winner.

The NW-700 had a much tighter low end and provided more accurate audio reproduction. This led to less booming with the acoustic guitar and vocals, and much better electric guitar sounds.

Both microphones require a minimum of 4.5v to work well, but can run using a full +48v of phantom power without damaging them. Either microphone would be a fine addition to your cheap microphone collection, but if you only have the budget for one, I would recommend the NW-700.

Buy the NW-700: http://amzn.to/1oeCLm6
Buy the BM-700: http://amzn.to/1ThRwQB