Depends on how fast you want to lose weight. I figure with 1500 calories that's only ~400 calories less than your BMR. So at that rate, you would only lose up to 1lb per week. If you don't eat the 700 calories you burn at the gym (which I don't recommend anyway), you will lose ~2 lbs per week. You do not want to eat less than 1200 calories. Eating no more than 1500 PLUS working out will be just fine. If you eat a few extra on the days you work out, I don't think you'd be doing any harm. But be smart about what you eat. Enjoy a chocolate protein shake post workout to get some extra cals and much needed protein to repair those muscles!