How the binding is worked out
Measure the finished quilt after quilting and squaring up, not the pattern size. The binding has to go all the way round, so the starting point is the perimeter: twice the width plus twice the length. Add an extra allowance for the mitred corners and for joining the two ends: Missouri Star adds about 12″, Fat Quarter Shop 20″.
Strips are cut across the width of fabric, selvage to selvage, and joined with diagonal seams so the bulk spreads out. Each diagonal join uses up about one strip width, so every strip after the first adds the usable width minus the strip width. The calculator counts strips until they reach the length you need, then multiplies by the strip width to get the fabric.
Binding = 2 × (width + length) + extra.
Fabric = strips × strip width.
The amount to buy adds 2″ (5 cm) so you can straighten the cut edge, then rounds up to the next 1/8 yard or 10 cm. Quilt shops cut to those steps.
Worked example
A 60 × 72″ quilt has a 264″ perimeter; with 12″ extra you need 276″ of binding. Each 42″ strip of 2 1/2″ binding adds 39 1/2″ once joined, so seven strips give 279″. Seven strips × 2 1/2″ is 17 1/2″ of fabric; with 2″ for straightening, buy 5/8 yard.