Those calculators are including a lot of extra length to get out and down the outside of the pot.
The bag needs to basically be slightly higher than your pot side height so you can tie/fasten it around the rim. It also needs to be large enough so that you can put your pot INSIDE the bag, but not necessarily do it up.
My second generation (after modifying the first gen bag) has a base circle the same diameter as my pot, and is sized that so if I put the pot into the bag and do up the draw string it forms a tight cylinder that encloses the pot.
This means, if you're going for a can o beans style bag you need a circle with diameter slightly larger than your pot and a rectangle which is equal in length to the circumference of your pot (plus a bit) (ie π * Diameter), and a width f your pot height + diameter/2 for the top, plus a bit on all sides for seam allowance
But SWMBO really knows, she's the seamstress
