Jesus paid the SPIRITUAL PENALTY for all who will accept it.
And when we turn to Christ in repentance, we are saved and the record of our sin debt is wiped clean and we are buried with Christ and risen in the newness of life.
Colossians 2:13-14 And you, who were dead in your trespasses and the uncircumcision of your flesh, God made alive together with him, having forgiven us all our trespasses, by canceling the record of debt that stood against us with its legal demands. This he set aside, nailing it to the cross.
The whole record of our sin debt is canceled, not just part of it.
Then we are transferred into God’s kingdom.
Colossians 1:13-14 He has delivered us from the domain of darkness and transferred us to the kingdom of his beloved Son, in whom we have redemption, the forgiveness of sins.
Salvation is a done deal for us new creatures in Christ.
2 Corinthians 5:17-21 Therefore, if anyone is in Christ, he is a new creation. The old has passed away; behold, the new has come. All this is from God, who through Christ reconciled us to himself and gave us the ministry of reconciliation; that is, in Christ God was reconciling the world to himself, not counting their trespasses against them, and entrusting to us the message of reconciliation. Therefore, we are ambassadors for Christ, God making his appeal through us. We implore you on behalf of Christ, be reconciled to God. For our sake he made him to be sin who knew no sin, so that in him we might become the righteousness of God.