So I keep reading somewhere that for every 3,500 calories you b urn that you burn 1 pound of fat. I would like to start working out and burning 500 calories a day (eventually). I used to do that so I know I would be able to do it if I put my mind to it.
However I don't know how many calories I need to eat in order to lose weight while doing that.
By the way I am overweight.
I am 18 years old and 5'5" and about 210 pounds so losing weight would be important to me but I want to do it in a way that would be possible. I love the feeling I have after working out so I wouldn't mind maintaining an exercise schedule.
What should my goal on calories I eat be?
Any other advice?

Your BMR (Basal Metabolic Rate - or how many calories you burn just being alive) is about 1750. You can figure that you burn about 500 calories a day in an average day just doing the things that you do.

So add that up and your current static number is about 2250. So if you take in 2250 calories a day, your body will remain exactly where it is.

Now to lose weight, you need to adjust that number, either by exercising more or eating less... or better yet, a combination of both.

A good rule of thumb to follow is a 1500 calorie diet and 300 calories of exercise a day. That will give most people the target 1-2 pounds a week in weight loss. The exercise has the additional benefit of speeding up your metabolism making the diet more effective.