For a general function $f$ (that has $n$-th order partial derivatives), you may have up to $m^n$ many different $n$-th order partial derivatives. The logic that you used to make this claim is that you can take the derivative with respect to any variable. Then do it again. And again, until you get to the $n$th derivative. This is all correct in general.
However, if these $n$-th order partial derivatives are continuous, then many of these derivatives are in fact the same. By Clairaut's Theorem, $f_{xy}=f_{yx}$ for the continuous function $f(x,y)$. Similarly, $f_{xxxyy}=f_{xyxyx}$, etc.
So for the question that you asked, you have to handle this idea of repetition. As Bernard mentioned, you are effectively asking how many ways are there to choose $n$ objects out of the $m$ choices, where repetition is allowed. This is indeed given by the formula $$\binom{n+m-1}{n}.$$