You can start with one of my tiling patterns to make this tutorial easiest.
(A video follows at the end if you prefer to watch that.)
1. Recolor the stripes using the easier recoloring method.
2. Go to Edit --> Define Pattern and click "ok" in the box that pops up.
3. Open a new canvas in the size you want your paper to be.
4. Create a new layer.
5. Using the Fill Tool (G), select "Pattern" mode and choose your recently saved pattern from the small drop down menu.
6. Fill the new layer with the pattern.
7. Duplicate the layer and rotate it 90 degrees.
8. With the new layer highlighted, change the blending mode to "Mutliply"