Here's what I do. All done with freeware.
Sorry. This is not a all-in-one software, but an old-school approach.
1. Open MIDI with midi software player ( I use Van Basco or Jazzware)
2. Open Recorder software ( I use Creative Recorder, came with SB CD. I have others, but this is simple to use, like a cassette recorder )
3. Make sure your have Synth or Mixed Channel "on" and volume levels on channel
4. Set the sampling rate ( 44.1K, 16 bit for CD quality )
5. Click on Record ( Recording software )
6. Click on Play (MIDI player )
---- and now you are recording
When song is finished :
1. Click on Stop ( Recording software )
2. Click on Stop (MIDI player ) Note: might be automatic
3. Recording Software - Select File \ Save As ... and give it a name
One item to consider is the excess blank at the start or end.
You can use a sound editor, to "Cut" the blanks, and re-save.
Depending on the software, you may have choices of type WAV or MP3, and the sampling rates.