Total Depravity - Men are so ruined by sin that they will not, indeed, cannot bring forth genuine repentance or saving faith apart from God’s regenerating power. Nor can they in any way improve their spiritual condition or prepare themselves to receive the grace of God.
Unconditional Election - Before He created the world, God in mercy freely chose certain individuals to receive salvation. His choice was not based upon anything He foresaw in them, such as faith, good works, repentance, their decision to believe, or their willingness to cooperate with Him. He saw that they were dead in trespasses and sins, and totally unwilling to seek Him. The cause for any man’s salvation lies entirely in God, and not in the individual.
Limited Atonement - Christ bore the full penalty of sin for all God’s elect. His death effectually and eternally saves all for whom He died. He emptied the cup of God’s wrath for each of them, so that, on the judgment day, God will have no reason or basis to condemn them. Had Christ died for all men, then no one could ever be condemned. Thus, Christ’s death is “limited” to the elect only. (Those who deny this doctrine limit the death of Christ much more severely, by denying the ability of the cross to save men).
Irresistible Grace - Unregenerate man is unwilling and unable to come to God. An individual exercises genuine faith and repentance when and only when he has been regenerated by the Holy Spirit. The new heart imparted by the Holy Spirit is the source of all true Christian graces, including saving faith and repentance.
Perseverance of the Saints - Those whom the Father chose, the Son redeemed, and the Spirit regenerates are the objects of God’s eternal love and care. The Father’s election of them is eternal and unchanging. The Son’s redemption of them is comprehensive and complete. The Spirit’s work in their hearts is effective and abiding. The Holy Trinity is united in their resolve and efforts to save the elect, and so there is no possibility that any of the elect could totally or ultimately fall away and be lost.
Is Calvinism the good news about God’s salvation of men?
It should be obvious that “Calvinism” in this second sense is squarely focused on the issues of salvation. In a very real sense, the Five Points of Calvinism are the Gospel of our salvation, for they carefully define man’s need of God’s grace, and summarize the great acts performed by the Triune God to save men from their sins.