There is no choice as to whether we live under law or under faith. Physically I live under my earthly King, or as at present my Queen. Spiritually I live under God who gave us a New Covenant of grace.
Those who live under law are in the wilderness.
By Faith alone we are saved.
But please consider the whole picture.
1. We are sinners because there is a law which points out sin.
2. we need salvation from sin (not the law) and Jesus paid the price, so we can be saved by grace.
3. Rom 3:31 Do we then make void the law through faith? God forbid: yea, we establish the law.
4. we keep the law not to be saved (Jesus already did that), but because we love Jesus and the law is love.
5. We have
faith in Jesus and His grace to save us from sin, (yesterday, today, and tomorrow).
Joh 14:15 If ye love me, keep my commandments.
1Jn_5:3 For this is the love of God, that we keep his commandments: and his commandments are not grievous.
2Jn_1:6 And this is love, that we walk after his commandments. This is the commandment, That, as ye have heard from the beginning, ye should walk in it.
If we are free from the penalty of murder (no jail time), should we murder? No
We are free from the penalty of the law, but we should aim to keep it because Jesus did. Rom 6:4 Therefore we are buried with him by baptism into death: that like as Christ was raised up from the dead by the glory of the Father, even so
we also should walk in newness of life.