$('#check').click(function(){
if(document.getElementById('check').checked) {
$('#test-input').get(0).type = 'text';
} else {
$('#test-input').get(0).type = 'password';
}
});
<script src="https://ajax.googleapis.com/ajax/libs/jquery/2.1.1/jquery.min.js"></script>
<input type='password' id='test-input' /> Show password <input type='checkbox' id='check' />