Rather than running multiple iterations of hand calculations (as Teguci suggested), I'd recommend using the Theta method described in seismic chapter of ASCE 7 (12.8.7). It just allows you to achieve the same answer in one iteration...
Theta = axial force * Delta / (Shear * story height)
Where Delta is the initial deflection due to the applied shear.
This is a ratio of P-Delta shears to the original story shears. The additional deflections due to the 2nd, 3rd, 4th iterations of deflection would then be:
Theta*Delta + Theta^2 * Detla + Theta^3 * Delta +....
The infinite sum of this series becomes:
Delta total = Delta /(1-theta)
In the end, this is really just an approximate hand calculation. Doing the P-Delta analysis with a computer program will normally provide a better result. Even so, it is never a bad idea to give computer results a sanity check using these types of approximate hand calculations.