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Since they already have a two-year-old daughter together, Mario Lopez knew he had to find an extra-special engagement ring for his girlfriend of four years, Courtney Mazza.

As detailed in the new issue of Us Weekly (on stands Friday), the Extra host, 38, proposed to Mazza, 28, with a gorgeous, 5-carat diamond engagement ring over New Year's weekend in Ixtapa, Mexico.

"The platinum setting is swarming with round brilliant-cut diamonds all the way from under the finger to the collar of diamonds that encircles the center stone," jewelry expert Michael O'Connor tells Us in a description of the future Mrs. Lopez's new bling. "Mario clearly knows that platinum will hold all of the diamonds securely forever, including the impressive brilliant-cut center diamond. The estimated price tag: $80,000!"

The couple, who have been together since 2008 and are parents to 2-year-old Gia, plan to wed in Mexico later this year.