This is what I believe about baptism:
I. Baptism is a sacrament of the new testament, ordained by Jesus Christ,[1] not only for the solemn admission of the party baptized into the visible church;[2] but also, to be unto him a sign and seal of the covenant of grace,[3] of his ingrafting into Christ,[4] of regeneration,[5] of remission of sins,[6] and of his giving up unto God, through Jesus Christ, to walk in newness of life.[7] Which sacrament is, by Christ's own appointment, to be continued in his church until the end of the world.[8]
1. Matt. 28:19
2. I Cor. 12:13; Gal. 3:27-28
3. Rom. 4:11; Col. 2:11-12
4. Gal. 3:27; Rom. 6:5
5. John 3:5; Titus 3:5
6. Mark 1:4; Acts 2:38; 22:16
7. Rom. 6:3-4
8. Matt. 28:19-20
II. The outward element to be used in this sacrament is water, wherewith the party is to be baptized, in the name of the Father, and of the Son, and of the Holy Ghost, by a minister of the gospel, lawfully called thereunto.[9]
9. Acts 8:36, 38; 10:47; Matt. 28:19
III. Dipping [or immersion] of the person into the water is not necessary [but the most proper, as per men like John Calvin; but baptism [can be] rightly [though irregularly] administered by pouring, or sprinkling water upon the person.[10]
10. Heb. 9:10, 13, 19, 21; Mark 7:2-4; Luke 11:38
V. Although it be a great sin to contemn or neglect this ordinance,[13] yet grace and salvation are not so inseparably annexed unto it, as that no person can be regenerated, or saved, without it;[14] or, that all that are baptized are undoubtedly regenerated.[15]
13. Gen. 17:14; Matt. 28:19; Acts 2:38; see Luke 7:30
14. Rom. 4:11; Acts 10:2, 4, 22, 31, 45, 47
15. Acts 8:13, 23
VI. The efficacy of baptism is not tied to that moment of time wherein it is administered;[16] yet, notwithstanding, by the right use of this ordinance, the grace promised is not only offered, but really exhibited, and conferred, by the Holy Ghost, to such as that grace belongeth unto, according to the counsel of God's own will, in his appointed time.[17]
16. John 3:5, 8
17. Rom. 6:3-6; Gal. 3:27; I Peter 3:21; Acts 2:38, 41
VII. The sacrament of baptism is but once to be administered unto any person.[18]
18. Rom. 6:3-11
And:
I. Baptism is an ordinance of the New Testament, ordained by Jesus Christ, to be unto the party baptized, a sign of his fellowship with Him, in His death and resurrection; of his being engrafted into Him;[1] of remission of sins;[2] and of giving up into God, through Jesus Christ, to live and walk in newness of life.[3]
1. Rom. 6:3-5; Col. 2:12; Gal. 3:27
2. Mark 1:4; Acts 22:16
3. Rom. 6:4
II. Those who do actually profess repentance towards God, faith in, and obedience to, our Lord Jesus Christ, are the only proper subjects of this ordinance.[4]
4. Mark 16:16; Acts 2:41; 8:12, 36-37; 18:8
III. The outward element to be used in this ordinance is water, wherein the party is to be baptized, in the name of the Father, and of the Son, and of the Holy Spirit.[5]
5. Matt. 28:19-20; Acts 8:38
IV. Immersion, or dipping of the person in water, is necessary to the due administration of this ordinance.[6]
6. Matt. 3:16, John 3:23
Now, universally (whether from the paedo or credo camp), I do believe baptism is a ceremonial law to which one must submit upon a profession of faith (wether true or false), in order that one might enter into covenant with God, specifically the New Covenant, as commanded by God.