When is the right time?

I'm a 16 year old virgin and I've been with my 18 year old boyfriend (my second boyfriend) for a month now. For some reason, the topic of sex came up the other day. My boyfriend and I have been through a lot together and texted 24/7 since July (literally not a day has gone by when we didn't talk. We know each other really well). He finger fucks me all the time, I've given him a blown job, he's eaten me out, all that good stuff. But we've decided to wait a little for sex. We obviously would use protection. Would waiting until I'm seventeen (7 months) be too long? How far into a relationship did you lose your virginity/have sex?