JSFiddle - React, Tailwind, and code Playground

HTML

<input type="password" id="new_pass" value="" placeholder="New Password">
    
<label class="pw_show">
    <input type="checkbox">Show Password
</label>

JavaScript

var pwi = $('#new_pass');

$('.pw_show').on('mousedown', function () {
    $('.pw_show input').prop('checked', true);
    pwi.prop('type', 'text');
});

$('.pw_show').on('mouseup', function () {
    pwi.prop('type', 'password');
    setTimeout(function() {
        $('.pw_show input').prop('checked', false);
    }, 50);
});