Main point summary
Love one another, because this fulfills God’s law. Final salvation approaches, so live in Christ to the utmost.
w Owe no one anything,
Μηδενὶ μηδὲν ὀφείλετε,
Not only should you pay taxes and honor authorities diligently so as to never be overdue in these obligations (proverbally speaking),
except to love each other,
εἰ μὴ τὸ ⸂ ἀλλήλους ἀγαπᾶν ⸃ ·
but you should also each consider yourself perpetually due on your obligation to love (i.e. care for, consider, and bless) others in your church community and beyond. (I.e. You owe them love now !)
for x the one who loves another has fulfilled the law.
ὁ γὰρ ἀγαπῶν τὸν ἕτερον νόμον πεπλήρωκεν.
Because, brotherly love is the key to walking in the heart of what God has declared as right.
For the commandments,
This is evidenced in noting that these of the 10 commandments—
y “You shall not commit adultery,
Don't be unfaithful to your spouse,
You shall not murder,
Don't kill others in hate,
You shall not steal,
Don't take what belongs to another,
You shall not covet,”
Don't long after gifts that God has given others—
and any other commandment,
καὶ εἴ τις ἑτέρα ἐντολή,
along with all other dictates of God
are summed up in this word:
ἐν ⸂ τῷ λόγῳ τούτῳ ⸃ ἀνακεφαλαιοῦται,
are summorized in the following thought:
z “You shall love your neighbor as yourself.”
⸂ ἐν τῷ ⸃ · Ἀγαπήσεις τὸν πλησίον σου ὡς σεαυτόν.
Strive to love those around you to the degree you naturally and necessarily love yourself.
Single proposition split in two
Love does no wrong to a neighbor;
ἡ ἀγάπη τῷ πλησίον κακὸν οὐκ ἐργάζεται·
More simply put, brotherly love does not step on or push aside others in any way
therefore a love is the fulfilling of the law.
πλήρωμα οὖν νόμου ἡ ἀγάπη.
and so such love is the key to living out all the details of God's rules.
Besides [lit. "And"] this you know the time,
Καὶ τοῦτο εἰδότες τὸν καιρόν,
On a similar point, consider how you can see where we are at historically
that the hour has come for you b to wake from sleep.
ὅτι ὥρα ⸂ ἤδη ὑμᾶς ⸃ ἐξ ὕπνου ἐγερθῆναι,
namely, that this is not a time to coast along but rather to be ready for action.
c For salvation is nearer to us now than when we first believed.
νῦν γὰρ ἐγγύτερον ἡμῶν ἡ σωτηρία ἢ ὅτε ἐπιστεύσαμεν.
This is clear because our final rescue from this sin-filled world gets closer by the day—
d The night is far gone;
ἡ νὺξ προέκοψεν,
the ages of darkness have faded
the day is at hand.
ἡ δὲ ἡμέρα ἤγγικεν.
while the age of righteousness is just ahead.
So then let us e cast off f the works of darkness
⸀ ἀποβαλώμεθα οὖν τὰ ἔργα τοῦ σκότους,
Therefore, seeing where we land in history, let's continually strive to be done with any unrighteous behavior
and g put on the armor of light.
⸂ ἐνδυσώμεθα δὲ ⸃ τὰ ὅπλα τοῦ φωτός.
and instead continually equip ourselves with the mighty assets for living righteously that God has given us in Christ.
h Let us walk properly as in the daytime,
ὡς ἐν ἡμέρᾳ εὐσχημόνως περιπατήσωμεν,
Fleshing this out more, let's live day-by-day in a way that carries no shame with it, even if every moment were seen by all—
i not in orgies and drunkenness,
μὴ κώμοις καὶ μέθαις,
specifically, not in wild living or intoxication
not in sexual immorality and sensuality,
μὴ κοίταις καὶ ἀσελγείαις,
not in any sexual thought, dialog, or activity outside of marriage
j not in quarreling and jealousy.
μὴ ἔριδι καὶ ζήλῳ,
not in strife or one-upmanship
But k put on the Lord Jesus Christ,
ἀλλὰ ἐνδύσασθε τὸν κύριον Ἰησοῦν Χριστόν,
Rather, be filled with the Spirit, living fully in the reality of being “in Christ”
and make no provision for the flesh,
καὶ τῆς σαρκὸς πρόνοιαν μὴ ποιεῖσθε
which will result in having no mind to plan out how to fulfil your sinful desires
l to gratify its desires.
for the purpose of acting on those plans.
Note the chiasm. A love fulfills law (8c) B law summed up in loving neighbor (9) B love does no wrong to neighbor (10a) A love fulfills law (10b)
Note the chiastic flow. A Call to righteous living (love) [8a-b] B Reason (love fulfills the law) [8c-10b] B Reason (salvation is near)  A Call to righteous living (put on Jesus) [12-14]