Help me figure this out please?!

I just CAN'T for the life of me wrap my brain around this....someone please just tell me how much I should eat and exercise! LOL!
I know the stats, 500 less cal's a day x 7 days/week = 3500 cal deficit, which means 1lb loss!

BUT ----
I eat 1500 calories a day, burn about 500 cals through exercise.....so then.....does that mean I SHOULD STILL LITERALLY eat 1500 a day, but after exercise it is really only 1000 that should be showing up in MFP...so I should have 500 left over to eat!!???

Does this make sense?! HELP!
I'm 31
5'5
female
working out at least 60 min a day
cardio and strength
eating 1500 cals a day

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