I have ZOOM H1 for which I want to monitor the input, when I use it with a VOIP app and headphones. This monitoring signal should have much lower level when the output of the VOIP app.
I've found this topic where the similar solution for another problem is discussed: viewtopic.php?t=683
I wanted to achieve this with Voicemeeter Banana, because Potato simply can't fit my laptop screen

So my idea was to monitor the input signal by routing it to the VB-cable, setting the output volume lower and then monitoring and routing it to the main output either in Voicemeeter Banana or in Windows control panel (via "Listen to this device"). Both methods work, but the signal is "echoing", here is an example: https://sndup.net/9249
The paths are:
Hardware input 1 (microphone) -> A2 Hardware out (CABLE input). This out is attenuated to achieve the desired effect
Hardware input 2 (CABLE output) -> A1 Hardware out (headphones)
Hardware input 1 (microphone) -> B1 Virtual out (used in VOIP application, eg Skype)
Virtual input 1 (Voicemeeter VAIO) -> A1 Hardware out (headphones)
In theory this should simply feed my voice to both VOIP (at full volume) and my headphones (at reduced volume), but the latter sound is echoing