The interesting thing is that Jn 3:16 does support “Limited Atonement” since it says that “whoever believes in him will not perish,” and we see in verse 18 that whoever doesn’t believe is already condemned! Thus Christ couldn’t have paid their ransom and they still had to pay for their sins in Hell. It would be unjust for God to punish Christ for their sins and then punish them again in the eternal lake of fire.
Now let’s consider some commentaries.
The ESV Study Bible explains:[2]
Here is the most famous summary of the gospel in the entire Bible. For connects to v. 15 and explains what happened to make it possible that someone can “have eternal life” (v. 15), that is, through believing in Christ. God so loved the world was an astounding statement in that context because the OT and other Jewish writings had spoken only of God’s love for his people Israel. God’s love for “the world” made it possible for “whoever” (v. 15) believes in Christ, not Jews alone, to have eternal life. God’s love for the world was not mere sentiment but led to a specific action: he gave his only Son, which John elsewhere explains as sending him to earth as a man (v. 17) to suffer and die and thereby to bear the penalty for sins (see note on 1 John 2:2; cf. Rom. 3:25). On “only Son,” see note on John 1:14, which contains the same Greek phrase. The purpose of giving his Son was to make God’s great gift of eternal life available to anyone—to whoever believes in him, that is, whoever personally trusts in him (see note on 11:25). Not perish means not perish in eternal judgment, in contrast to having eternal life, the life of abundant joy and immeasurable blessing in the presence of God forever. Those who “believe in” Christ have that “eternal life” and already experience its blessings in this present time, not yet fully, but in some significant measure.
John Gill said about John 3:16: [3]
...For God so loved the world,....The Persic version reads "men": but not every man in the world is here meant, or all the individuals of human nature; for all are not the objects of God's special love, which is here designed, as appears from the instance and evidence of it, the gift of his Son: nor is Christ God's gift to every one; for to whomsoever he gives his Son, he gives all things freely with him; which is not the case of every man. Nor is human nature here intended, in opposition to, and distinction from, the angelic nature; for though God has showed a regard to fallen men, and not to fallen angels, and has provided a Saviour for the one, and not for the other; and Christ has assumed the nature of men, and not angels; yet