What had been accomplished on the cross when the Man of Sorrows lifted up His voice to cry in victory, “It is finished”?

In a word? Atonement. Scripture speaks of all the motifs of the atonement has having been accomplished definitively, once for all, in the death of Christ.
Imputation: Our sins were laid on Christ. “He bore our sins in His body on the cross” (1 Pet 2:24; cf. Isa 53:4-6).

Expiation: Our sins were taken away from us. “...at the consummation of the ages He has been manifested to put away sin by the sacrifice of Himself” (Heb 9:26). 2/
Propitiation: He bore the full exercise of the righteous wrath of His Father against these sins of His people, satisfying justice and extinguishing the wrath of God once and for all on their behalf. “God displayed [Him] publicly as a propitiation in His blood...” (Rom 3:25). 3/
Reconciliation: The ground of the enmity between God and the people of Christ was put away, and thus God was reconciled to man. “...while we were enemies we were reconciled to God through the death of His Son” (Rom 5:10). 4/
Redemption: The ransom price for our deliverance from the bondage of slavery was paid. Christ had thus purchased His people and effectually secured our freedom from sin and death. “...a death has taken place for the redemption of the transgressions...” (Heb 9:15). 5/
The cross did not make provisions; it purchased realities. It did not lay the groundwork for later works of atonement—whether by Christ, the Father, or the sinner. Sin was expiated; wrath was propitiated; God reconciled; slaves redeemed. Finished on Calvary. 6/
As He breathed His last on that Good Friday, He did not die a helpless victim. He cried out in sovereign omnipotence, triumphantly declaring that the Father’s salvation plan was fulfilled; all had been accomplished. 7/
And His victory cry was, “It is finished!”

Not, “It has begun.”

Not, “I’ve done My part and the rest is up to you.”

No.

“It is finished.”

Dear Christian: It is finished. 8/8
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