Death of Punishment

I've been thinking about punishment lately. A mentality I have had, and I think many others, is, "I better not sin or God will punish me". I know this isn't healthy, nor do I think it's true.
It may seem a little Calvinist, so brace yourself. Here's what I'm thinking...

The Law lays out for us what is required of us. Sin causes us to fall short of these requirements. The Law is Broken and therefore there must be punishment for the breaking of The Law. Punishment being the steps necessary to repay the wrong.

Here's a no brainer, Christ took the punishment for sin. So if Christ already paid the punishment for sin then should more punishment be dealt out?

I think with Christ's death and resurrection we saw the Death of Punishment. I think we have the GRACE of experiencing God's discipline and correction. Correction being, the quickening of the Holy Spirit as we lean towards sin, and the conviction which comes after sin. Then the discipline being the events God allows us to go through in order to develop the attributes and characteristics necessary to say "No" to Sin.

Understand we still experience the natural consequences of our actions. However, because of Christ and his grace, he makes available to us, we no longer need to make retribution or experience additional consequences in order to make right our wrong.

I would tend to think Paul in Romans, the writer of Hebrews, and James would agree with this approach.

What do you think?