Admitting our feelings

We have been dating for a few months now but I have known I loved him since a few weeks in. However, I don't want to be the first one to admit that I love him but I have waited so long I don't know if I can anymore. One of my friends keeps saying it's the 21st century just tell him already. However, another that knows me better keeps telling me not to because I may regret it. What should I do?