I would go for the underhung reciever type hitch from Reese or someone like that. Without the ability to adjust the ball height by using a drop, raise or whatever reciever, you will not be able to level your trailer. I assume you have more that a single axle trailer. If you in fact have a single axle trailer, bumper would be ok. It is very important to have a properly level trailer on multi axle rigs.
I actually bought my first weight distributing hitch from a junk yard for $25. I put it on a 88 f150 2wd and had to drill holes in the frame. If I was in your shoes I would call around and find a place that installs and does everything when buying a new hitch. It may not cost as much as you think.