You should use computed observable. Computed observable are calculated every time, when dependent observable changed. Thus, you can simply list all observable (which binded to your inputs) in your computed observable, and changing at least one of them call computed function.
function User() {
var self = this;
self.loginText = ko.observable(null);
self.passwordText = ko.observable(null);
self.isError = ko.observable(false);
self.makeWrong = function(){
self.isError(true);
}
ko.computed(function() {
self.loginText();
self.passwordText();
self.isError(false);
});
}