Well, you're definitely getting a caloric deficit -- but whether its enough for optimal fat burn and not so much that your body thinks it's starving (which makes fat harder to lose and easier to regain) is something you'd have figure out on your own. So I agree with ennay's thoughts about trying it for about 2 weeks and re-evaluating.
From my guesstimation, your body burns about 1,900 calories/day just by being alive and breathing (assuming you don't have metabolic issues) -- so benchmark your caloric intake & exercise against that (and that 3,500 calories is about a pound on your body). Of course, do take into consideration other factors that may influence the weight (water levels, whether your -ahem- tom is visiting, etc.)
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