How do I reset iPhone passcode after changing password?

Passcode

Your data is not lost if you have a backup either on iCloud or iTunes.

If you see an iPhone or iPad unavailable message or a "Security Lockout" screen

If you forgot your passcode, you can use your Apple ID and password to erase and reset your device without a computer.

Learn what to do if you see "[Device] unavailable" or "Security Lockout" on your iPhone or iPad.)

iPhone is disabled.

Following this process is the only way out if your iPhone is disabled. The steps given in this link will help you reset the passcode -> If you forgot the passcode for your iPhone, iPad, or iPod touch, or your ...

Regarding your data…

1. If you have an iCloud or iTunes latest backup, then there is nothing to worry about. If not read more...
2. You have synced your data to iCloud, then what you will get back is what you have synced to iCloud and uploaded to iCloud Drive; the information that is synced and stored in iCloud are, Contacts, Calendars, Bookmarks, Mail, Notes, Voice Memos, shared photos, iCloud Photos*, Health data, call history, and files you store in iCloud Drive. (*-If you have turned on iCloud Photos, your content is automatically stored in iCloud.)
3. You have imported your Photos and videos to Mac/PC then they are safely residing there on Mac/PC
4. You have uploaded some of it to Cloud Drives using the Files app (iCloud Drive, Google Drive, OneDrive, DropBox, Flickr, box, AmazonDrive, Adobe Creative Cloud, etc). The data remains there.
5. If you have not backed up or do not have the latest backup, nor imported nor you have synced or uploaded your data to cloud drives prior to the situation that you are in, then I am sorry, all your data is lost.

Password

Apple ID and Activation Lock

iCloud uses Apple ID credentials.

If you do not remember the Apple ID Password then follow the steps given in this Apple Article -> If you forgot your Apple ID password - Apple Support

If you do not remember the Apple ID then follow the steps given in this Apple Article -> If you forgot your Apple ID - Apple Support

If you are the owner or the owner has shared all information with you then to open Activation Lock:- If it is Activation locked, read here --> Turn off Activation Lock - Apple Support Activation Lock for iPhone, iPad, and iPod touch - Apple Support

Learn how to remove a device from a previous owner's account.

If you are not the owner and do not have the Apple ID and Password then there is no way that you can get into this iPhone unless the original owner shares the Apple ID and password with you. If you are lucky you can get into this iPhone if they (owner) accidentally remove the device from their Apple ID.

Turn off Lost Mode on an iPhone, iPad, iPod touch, or Apple Watch

1. In Find Devices on iCloud.com, select the device in the All Devices list on the left.
2. Click Lost Mode, click Stop Lost Mode, and then click Stop Lost Mode again.

Turn off Lost Mode on an iPhone, iPad, or Apple Watch

1. Go to icloud.com/find, then sign in to your Apple Account (if necessary).
2. Select the device below All Devices on the left.
3. Click Lost Mode, click Stop Lost Mode, then click Stop Lost Mode again.
4. You can also turn off Lost Mode by entering your passcode on the device. If you turned on Stolen Device Protection on your iPhone, you may need to use Face ID or Touch ID.

Note: If you had any cards suspended when you put your device in Lost Mode (credit or debit cards for Apple Pay, or student ID cards or Express Transit cards), when you turn off Lost Mode and sign back in to iCloud, you can use them again.

Use Lost Mode in Find Devices on iCloud.com - Apple Support