Originally Posted by buslady
Just to add, if you take the triangle that you cut off the one end and sew it back on the other end, so you have a "crooked" rectangle, there is NO waste. It really is cool!
I do this - and what you end up with is a parallelogram and again no waste as buslady said.
Here is a great resource
http://quiltbug.com/articles/binding-calculator.htm