With CRED you can manipulate Simple and External Products, and this is subject to several restrictions.
https://toolset.com/documentation/user-guides/creating-woocommerce-products-using-cred-forms/
I am sure you know that already, I just want to remind that this is a "work in progress" and not a "set in stone" compatibility yet.
Lot's of work has to be done in this matter.
As for the calculation, this is not something that CRED or (AFAIK) WooCommerce offers out of the box.
What you can do is use custom JS, where you get the values from let's say 2 Generic Fields, and perform your calculation so to update the target Field with the result.
Or, you can do the calculation on the server side after the form is submitted, with cred_save_data() as example:
https://toolset.com/documentation/programmer-reference/cred-api/#cred_save_data
Within this hook you can manipulate values from the $_POST and update the target with update_post_meta() function of WordPress.
https://codex.wordpress.org/Function_Reference/update_post_meta
Calculations here would be made with PHP math operators.
Right now you can bind a static product or let the user choose a product according a Custom Field which you need to add to the Form.
Then in the Commerce settings you can choose that field as the source for the Product ID to be used.
With this method you can already have "different" products available, but not a "pay as you want" product, which does not exist within WooCommerce.
I think this is a request that should be added to WooCommerce first, eventually.
Then, it could be used in CRED too.
Or, you can neglect to use WooCommerce and simply bind a PayPal event to the Form, after you submit it.
Use the Custom Field where the user entered his desired payment value as the value to be passed over to PayPal (For that, you need to consult the PayPal API).
Our major goal related to this, in future, is to make WooCommerce fully compatible with CRED (or vice versa, if you prefer 🙂 )
This will take some time, and after, we could re-think this request. But it would be easier if the core (WooCommerce in this case) would offer the ability to "pay as you want", which is, AFAIK, not possible with it now.