His death on the cross was also the New Covenant. The law, (ten commandments), is  the Old Covenant. 

The law was given to Moses so that the world would have the knowledge of what sin is.  Ultimately, the law will show you that you truly need Jesus to save you from eternal damnation.  

Because of the law, no man can say that he is not a sinner and no man can say that he does not need a Savior, Jesus.   The law was not designed to make you godly, but to expose your ungodliness.   

Since no one can comply with the requirements of the law, we were destined to go to hell.   

Saved by Jesus, the Savior:

But God in His infinite love for us would not allow that to happen. So He sent His only begotten Son, Jesus Christ to take the punishment on our behalf.  Jesus had to suffer, shed His blood and die on the cross in our place.  This supreme act of love for us liberated us from the bondage of sin.   

Now, - if we acknowledge or believe that Jesus did indeed pay for our sin-debt by his suffering, shedding of blood and death on the cross, our debts are paid in full. We can now have a personal relationship with God thru Jesus Christ our Savior. 

We are now under the New Covenant:

God no longer sees our sins.  What He sees is the blood of Jesus covering us.  We are now under the grace (unmerited favor) of God. We are no longer under the yoke of the law. We are no longer the slave of sin or the devil.  We are now the servants of the Lord. 

We no longer serve the devil.  We serve the Lord.  We are now no longer under condemnation!!!

Unmerited Blessings (favor/grace):

Once we profess our belief and acknowledge Jesus as our Savior we are blessed with:

·         a personal relationship with God

·         assurance that God will never leave us

·         the forgiveness of our sins:  past, present & future

·         Godly wisdom

·         right standing with God

·         abundant provisions (goods & funds)

·         good health & healing from sickness

·         restoration of lost relationships

·         good success in our work, career

·         becoming a channel of blessings to others

·         great patience

·         abundant gratefulness to the Lord

·         becoming the beloved son of God

·         becoming greatly blessed, highly favored and deeply loved

·         greatly improved determination not to miss the mark (not to sin)

·         a house in heaven which we did not build

And much, much more:

·         Jesus is with you, so everything you do will succeed

·         You are now the righteousness of God in Christ

·         You do good because you are grateful

Ref: “Unmerited Favor” by  Pastor Joseph Prince