How do you break up with someone who is totally in love with you?

my boyfriend and i have been together for 3 years now. he is 33 and i am 26. nothing excites me about him anymore but i know he loves me so much and i feel terrible breaking it off. i don't want to keep living a lie with him. when i met him he lived on his own but didnt have a great job. he ended up having to move back in with his mom who i cant stand. thats the other problem....our families are totally different and believe in different things. a few months ago he got a new job making a little more money but he is still broke. ever since i met him i have pretty much paid for EVERYTHING! if he pays he makes me feel guilty about it which is crazy. last november i got laid off from my job and i am still collecting unemployment because i cant find work...and i still pay for everything. last year for his birthday i bought him an $800 bike which he never uses. his mom makes him keep it outside so now it is all rusty which makes me so mad. so im thinking ill go spend next weekend with him and tell him that im taking the bike home to get it fixed up and then break up with him over the phone. i want that bike back. im just lost and blank and need some advice. i know i will break his heart and i dont want to do that. but i cant imagine a good life with him. i have dreams and want to make myself better but i feel he will never change. i cry all the time because we used to be so in love and talked about our future together. but now its all dead to me.