New to MTG. Need Help Picking a Format.

Some of my friends and I are considering getting into competitive Magic. We've played competitive yugioh on and off for over ten years, although we stopped playing a few months ago when the ban list destroyed our decks. We miss having a card game to play, and considering our growing love-hate relationship with Yugioh, perhaps moving over to Magic would be the best option.

As I said, we're not new to card games at all. In addition to the yugioh experience, we also have played WoW TCG and Hearthstone competitively for several years each. So we're not worried about the format being too hard. We are looking for a challengeing and strategic experience. This brings us to the question, should we play standard, modern, or legacy? In whatever format we choose, we expect to play tier 1 decks. We will not play budget versions of our main deck. We are concerned about cost, both overhead and long term. However, we are aware that getting into a new card game is expensive and a substantial initial investment will be required. We are hesitant to even consider legacy because the overhead cost may be too high, but we really just don't know the numbers.

We want to know what the rough overhead and maintenance cost of building a tier 1 deck in each format? What is the difference gameplay wise between the three formats? Thanks in advance.