How do I break up?

I have been dating this guy for 2 months (but we have been going out since december). While it has been fun and everything, I think we have both changed a lot since things started. We are both in college and we are both in the closet on what regards to our families (the differece is that I'm a local in my college town while he is from another state, so he can do almost anything without his family finding out, I on the other hand need to ask a lot of permissions). I have never been the romantic type of guy so this is frustrating to him, telling me "I would do anything for you, but I know you wouldn't do the same for me". He has depression and sometimes has complete mood swings. I have tried to be the best boyfriend in the aspects I can and while he tries to support me, he gets frustrated. I am president of the student council, which means I sometimes have a lot of things to do and he feels like I don't pay attention to him (although I do try to balance both things in a way I feel is good enough), he is always telling me that he gives up a lot of things for me and he would like to feel I do the same for him. Last wednesday I tried to break things up after he told me he felt we weren't growing like a couple and stuff, but he cried so much and I felt so bad (because I still like him and because I was afraid he would harm himself) that we got back that same day. However as soon as we got back together, things got back the same way. While I do love him, I know that our relationship is toxic and is hurting both of us. I am sure that I should break up with him, but (since he is my first boyfriend) I don't know how... This is elections week (he is running for student council president) and I don't want to add more stress to him at the moment, but if he loses I don't want to add more stress then... What should I do? I still love him but I can't keep this up.