Thanks for the question and for your openness and honesty. If you would like my gut recommendation, I would say that you very much need to call off the engagement right now. Your heart is not at peace for a reason. But I would not recommend you end this relationship for the sake of jumping back to the other. You need to end both relationships so you can spend some time standing on your own two feet.
The fact that you rushed so quickly towards marriage is a sign that something is not right. After all, love is patient. To prepare for dating, engagement, and marriage, you should take your time to get to know a woman as a friend. When we don't, it's as if we glued together a model plane, and then tried to play with it five seconds later. It will fall apart immediately. In the same way, relationships that are based on infatuation usually lack stability. The following warning signs of infatuation are described in the book But I Love Him by Dr. Jill Murray.[1] Consider if they apply in your relationship:
- immediate need to be together
- sexual and physical attraction is central
- emotional needs for one or both partners are unmet elsewhere
- involves nagging doubts and unanswered questions; the partner remains unexamined so as not to spoil the dream
- is based in fantasy
- relationship is not enduring because it lacks a firm foundation
- characterized by urgency, intensity, sexual desire, and anxiety
I don't know all the details of your relationship, but be honest with yourself as to how many of these apply. Now is not the time for you to become engaged, or married. Although that may be difficult to hear, what you need most is some time off. Please take this advice to heart, and do not rush into the great sacrament of marriage. Find a good priest in your area, so that you can meet and talk one-on-one with him regarding your struggles. Do the same with your parents. In the meantime, be assured of our prayers.
Lastly, to measure the quality of your relationship, take the Love Test.
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[1]. Jill Murray, But I Love Him (New York: HarperCollins Publishers Inc., 2001).