@LiveLoughLaugh24,
Here's my rule of thumb (your mileage may vary).
Going out over a year or any rings or major pieces of jewelry were exchanged or you moved in together? Or you have or are expecting a kid together? Break up in person unless there is true physical danger.
Going out six months to eleven months and 29 days (e. g. one day less than a year), with no major pieces of jewelry (a pair of cheap earrings isn't "major") exchanged, no shared parenthood or impeding parenthood, and you don't live together? Then break up over the phone.
Going out five months and 29 days or less (e. g. one day less than six months), and I love yous have not been exchanged and shared parenthood is not impeding? Then break up via text although that's usually considered a douche move and should be upgraded to a phone breakup. Expressions of love, no matter how wildly inappropriate, upgrade this to a phone breakup as does a positive pregnancy test, even if paternity is uncertain.
I'd put you in the middle if your dating went on for six to eleven months, combined, e. g. all instances of "dating" are added together but don't count any time apart where you were broken up or taking a break or whatever.
As for what to say, clichés are dumb but they are easy and they give you a script. Say something like, "I'm sorry, but this just isn't working out. We are not meant to be together."
Don't wait to hear his side of things. Get off the phone as soon as you can and be done with it. Then block his number so that you aren't tempted to pick up the phone and answer "just this once". Because that's how you're back in this same predicament again, and it's preventing you from seeking out someone who's more appropriate for you.
As for feeling badly about it, I can't comment on what your feelings are going to be. They'll go one way or another, or more likely they'll be mixed. That is utterly normal. You have a history with this guy, after all. But don't confuse feeling a little bad with thinking you've made a mistake or even that you've devastated him or the like. Chances are incredibly good that he'll bounce back. Most people do.
You can do this.