This graphic is very revealing (source unknown)**:
To elaborate on points 7-10, in the post “Who Are God’s Chosen People and Why Are They Chosen?” we saw clearly the parallel language between what was spoken to ancient Israel (Exodus 19) and what was spoken to the Church (I Peter 2):
The parallel language is unmistakable, and I have letter-coded the parallels (A, B, and C):
 To ancient national Israel: “Now therefore, if you will indeed obey My voice and keep My covenant, you shall be [A] MY TREASURED POSSESSION among all peoples, for all the earth is mine; and you shall be to Me [B] A KINGDOM OF PRIESTS and a [C] HOLY NATION…” (Exodus 19:5-6).
 To the Church: “But you are a chosen race, [B] A ROYAL PRIESTHOOD, a [C] HOLY NATION, a people [A] FOR HIS OWN POSSESSION, that you may proclaim the excellencies of Him who called you out of darkness into His marvelous light. Once you were not a people, but now you are God’s people…” (I Peter 2:9-10).
On this topic, see also:
 “Why I Stand With Israel” shows how Isaiah, Matthew, Luke, and John all demonstrate that what was said of ancient Israel in the Old Testament is now said of Jesus. In other words, Jesus is Israel, and it’s no surprise that Paul calls Jesus’ followers “the Israel of God” (Galatians 6:16).
**I was told by someone on Facebook that Charles Provan may have created this graphic, but I have not been able to confirm this. Charles authored a book titled, “The Church Is Israel Now.“