The answer is all of the above - depending on your body. If you've done the math and have a good idea of your BMR and have used an activity multiplier to get your maintenance calories, then go with your numbers, rather than the rule of thumb numbers (which are for those they (a) work for (b) don't have time/want to do the more detailed calculation) So, maintenance minus up to 500/day should give you a slow and SUSTAINABLE fat loss of about 1-2 lbs a week without slowing your metabolism at the outset or peeling off muscle. I'm making the assumption that you're using a reasonable macro split and eating clean, lots of fibrous carbs to keep the system going, good water intake (1 oz/lb of bodyweight) and doing cardio and resistance training.
Record what you are doing - food, exercise, sleep, stress and re-measure your indicators (weight, photos, measurements, body fat pinches) once a week (every two at the most) to determine your progress. Then adjust your food intake if necessary (up or down, cleaner, etc). If you're a detail person, and you would like to know WHY, pick up a copy of Burn the Fat, Feed the Muscle by Tom Venuto (it is an e-book, buy on-line). No more confusion after that read - he's straight down the line and easy to understand, no BS.