Here’s a great quote from Walther’s Law and Gospel. (By the way, this book is now available for 20 bucks. It’s worth it.
Finally, Calov, in his Biblia Illustrata, commenting on Romans 5:10, says:
“We have not been redeemed and reconciled – nor have our sins been atoned for – conditionally. Rather, we have been absolutely redeemed in the most perfect and complete manner, as far as merit and effectiveness of the act are concerned. Although, regarding the actual enjoyment and appropriation of salvation, faith is necessary, which is nothing else than the appropriation of the atonement, satisfaction, and reconciliation of Christ. For, in the judgment of God, if One has died for all, it is the same as if all had died (2 Corinthians 5:14).”
This is a golden text, which shines with the radiance of the sun – even in the luminous Scriptures. Since the death that Christ died for all is a death for the purpose of reconciliation, it is the same as if all had suffered death for this purpose. It follows, then, that, without the slightest doubt, I can say with perfect assurance: “I am redeemed; I am reconciled; salvation has been acquired for me.”
Walther, Law and Gospel, p.304-305