You didn't raise from the cutoff... you were in the big blind.
And no, there's not much math involved here. This play should be based on 2 things:
1) Reads. How aggro/bluffy is villain?
2) Pot odds
. How often does your hand have to be good?
His bets weren't all that big, and if you had a decent read, then I don't mind calling down for 2 streets when they're both bricks.
Well played. The only other way I can see to play it is leading the flop, if you think he's likely to hold a flush draw. Some players like to raise stuff like suited kings/aces a lot. But I think the standard way to play it would be like this.