The vet said that he was concerned with the way it looked but that the tumor needed to be removed. He said it could be osteosarcoma but doubts that it's that bad because he is so young... or on the very mild side, it could be tissue damage that the bone reacted to, though he said that it wasn't all that likely either.
All in all, he thinks it might be cancerous but doesn't know for sure and that's the reason he wants to send the tumor out to the lab for analysis. I just don't even know how to feel. This could go either way and I am so scared.
Thanks for all the support and the links.