John Owen advocated a theological argument for limited atonement. A biblical or exegetical argument would be 1 John 2:2 and 5:19. Charles Ryrie discusses this biblical or exegetical argument: The only other occurrence of the phrase “the whole world” in John’s writings is in 1 John 5:19, and there it undebatably includes everybody. So, the presumption is that it also means everyone in 2:2. And this means that Christ died for all people even though all are not ultimately saved.[1] In other words, the extent of Satan’s influence in 5:19 is unlimited and so is the extent of Christ’s atonement in 2:2.

John Owens theological argument is called the Double Payment Argument, which argues if Christ paid for the sins of all sinners and all the sinners who do get saved pay for their sins in hell then there is a double payment for sins: “Is it probable that God calls any to a second payment, and requires satisfaction of them for whom, by his own acknowledgment, Christ hath made that which is full and sufficient?”[2]