The first question that you should always be ready to answer regarding buying a computer is "What are you going to do with it?"
Are you playing hard core 3D games where maximum frame rates are worth a premium on price, or are you just posting to MM and uploading some photos once in awhile?
So, you can evaluate the processors at this page:
http://cpuboss.com/cpus/Intel-Core-i7-6700HQ-vs-Intel-7500U
They seem to be very closely matched in performance, despite the fact that the 6700HQ has twice the cores and operates at a faster clock speed.
The 7500U is faster and also more energy efficient if that is important to you. That also translates to less heat output if you're using the thing literally on your lap.
One large difference I noted is the first one has both the 2 TB HDD AND the 128 GB SSD. I have that kind of setup on my Toshiba. I have a 2 TB HDD drive for lots of storage room, but my Windows and applications are installed on the SSD so that it boots faster and it loads my software apps faster. If that is not important to you, then it may not be worth the $500 extra. I doubt that you could just add an SSD to the second laptop. It has to have two hard drive bays, which most laptops do not.
But CPU power and boot time are not the only measures of speed. The first one also has the GeForce GTX 960M graphics card vs the AMD R7 M440 in the second. You can evaluate the comparison others have already done here:
http://gpuboss.com/gpus/Radeon-R7-M440-vs-GeForce-GTX-960M
The GeForce is much faster in running games. Again, you have to decide whether that is worth it to you for the extra $500 for the first one.
The first one also includes a month of HP's "Smartfriend" Tech Support:
http://www8.hp.com/us/en/services/consumer/smartfriend-overview.html
Again, you have to decide for you whether it is worth the extra $500.
Also from my POV, the first one has four five star reviews, whereas the second has one five star review from a self-admitted technologically challenged grandma.
You should read those reviews if you have not. If I were looking at these two, I would search for more reviews on the second if I were leaning toward that one due to lower price.
Darth Vader was a sap.