I do not know the formula, but here are some examples of voice messages per codec.
Voice Message File Sizes and Audio Quality Ratings
Audio Codec G.711 Mu-Law and A-Law
Approximate File Size, 1-Minute Message 480 KB
Quality Rating Excellent
Audio Codec OKI ADPCM 8 kHz
Approximate File Size, 1-Minute Message 240 KB
Quality Rating Fine
Audio Codec OKI ADPCM 6 kHz
Approximate File Size, 1-Minute Message 180 KB
Quality Rating Fine
Audio Codec GSM 6.10
Approximate File Size, 1-Minute Message 98 KB
Quality Rating Good
Audio Codec G.729a
Approximate File Size, 1-Minute Message 60 KB
Quality Rating Good