The New Testament presents the death of Christ as a multifaceted diamond. One facet of the gem is expiation: Christ’s sacrifice removed the liability to punishment and condemnation under which sinful people suffered (Heb. 9:6–15). A second facet is propitiation: Christ’s death appeased the wrath of God against his sinful creatures (Rom. 3:25–26; 1 John2: 2). The gem’s third facet is redemption: The death of Christ is the payment he offered to God to buy captives out of the slave market of sin (Mark 10:45; 1 Peter 1:18–19). The fourth facet of the diamond is reconciliation: Christ’s death has taken sinners from being enemies of God to being his friends and children (2 Cor. 5:17–21). The fifth facet is Christ the Victor: Through his death, Christ achieved ultimate victory over Satan and the demons (Heb. 2:14–15; Col. 2:15). A sixth facet is example: Christ’s death is both a demonstration of Gods love and a model of obedience and suffering for believers to follow (Rom. 5:8; 1 Peter 2:20–21). A final facet of Christ’s work is exchange: The righteousness of Jesus Christ is imputed, or credited, to the account of those who believe in him, and their sin is imputed to him (2 Cor. 5:21; Rom. 5:19).
~Greg Allison~ Historical Theology (Grand Rapids, MI; Zondervan; 2011) Ch. 18: The Atonement.
(HT: The Cross Quoter)