This analytical study examines the effect of initial thermodynamic conditions on the loads generated by the combustion of homogeneous hydrogen-air-steam mixtures. The effect of initial temperature, pressure, hydrogen concentration, and steam concentration is evaluated for two cases, (1) constant volume and (2) constant initial pressure. For each case, the Adiabatic, Isochoric, Complete Combustion (AICC), Chapman-Jouguet (CJ), and normally reflected CJ pressures are calculated for a range of hydrogen and steam concentrations representative of the entire flammable regime. For detonation loads, pressure profiles and time-histories are also evaluated in one-dimensional Cartesian geometry. The results show that to a first approximation, the AICC and CJ pressures are directly proportional to the initial density. Increasing the hydrogen concentration up to stoichiometric concentrations significantly increases the AICC, CJ, and reflected CJ pressures. For the constant volume case, the AICC, CJ, and reflected CJ pressures increase with increasing hydrogen concentration on the rich side of stoichiometric concentrations. For the constant initial pressure case, the AICC, CJ, and reflected CJ pressures decrease with increasing hydrogen concentration on the rich side of stoichiometric values. The addition of steam decreases the AICC, CJ, and reflected CJ pressures for the constant initial pressure case, but increases them for the constant volume case. For detonations, the pressure time-histories can be normalized with the AICC pressure and the reverberation time for Cartesian geometry.