How to create a "type along" style interface?

I'm talking about something like this:

The image is just an example, I simply need the user to type a certain text letter by letter.

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I tried it with an overlaying TextViewon an EditText, but it looks really ugly:

My next attempt would be to use Spannables to turn the overlaying text the same color after each letter with a TextWatcher, as suggested in How can I change the color of a part of a TextView?

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But even with the Spannable class it does not fit perfectly and I have to experiment with the TextView paddings to align it with the EditText.

Are there better ways of doing this?

from How to create a "type along" style interface?