deriv LSK ETT STT aSTA ALPH OLDHOMEPAGE NEWHOMEPAGE
According to rule anusvArasy..., you may either say —
azvampazyAmi अश्वम्पश्यामि
or
azva अश्व + hum + pazyAmi पश्यामि
You will never see azvampazyAmi अश्वम्पश्यामि in print — that is invariably spelled as azvam pazyati अश्वं पश्यति with an /M.
Also, you will hardly ever hear azva अश्व + hum + pazyAmi पश्यामि. Nowadays the change into m म् is all but compulsory.
Therefore, you have to get used to —
always read aloud M p as mp
write mp as M p , but only if the m sound was originally a padafinal m that was changed first into M by monusvAraH and then into m by anusvArasy...