In theory this is true, but in reality, at least in my experience, you won't end up with that many babies. Some times females won't get pregnant on schedule. Some litters will be small, especially at first, until you've had a few generations to selectively breed for better breeders. Some babies just won't thrive. Some litters may get eaten, again especially at first.
I recently read a post from someone that if I remember correctly, they were running 100 female mice, and producing 500 mice/month. That's only 5 babies per female each month. I can probably find the post if you are interested in seeing it.