This paper presents modeling of the interwinding capacitance based on different windings schemes and terminal layouts. This study shows that for a given design parameters of a transformer, an optimal winding configuration (designated as II-A scheme) exists, which reduces the effective winding capacitances and minimizes its adverse effects at high dV/dt, such as peak current stress during turn on and off processes, lowering the resonance to operating frequency ratio, etc. The analytical modeling is verified using experimental results obtained from MF transformers built using wave and flyback windings.