Will It Hurt For Me To Have Sex The First Time? (i’m 16)?

Okay, I really want serious answers please.
I’m 16 and really nervous to have sex for the first time. It willbe with my boyfriend whom I have been dating for a year, today. He’s wanted to since our 4 month mark (he is 17, almost 18 and also a virgin) but he has waited until I was ready. We have played A LITTLE BIT. (Its hard for us to find somewhere alone) and he has fingered me etc. I said no last time he asked. This time, I’m ready, he makes me feel amazing and some comfortable.
I can fit a 1 inch curling iron like this into my vagina http://www.google.ca/imgres?q=one+inch+c…
it hurts a little bit but only like a 2/10… will it hurt bad when we have sex?
I did bleed VERY slighty when he fingered me a bit previously.
I’m really sorry if this is too much information, I just need help.
Any other first time advice would be perfect.