You're always going to have significant and unavoidable latency recording with a computer. It's just how the scheme works: computers don't do anything in real time and cannot process data in real time, so the data must be buffered, the CPU must switch between multiple tasks, and disk drive operations have to be scheduled for efficiency. Nothing ever happens
right now. On top of that, ADC dictates that the total latency through your signal chain will always be equal to or greater than the latency of your slowest component.
All you can do is
ignore the computer's latency. You do this by monitoring the input side using your interface's so-called "zero latency" monitoring feature. If you must have an echo effect during tracking, use an external hardware device rather than an ITB DSP process. Your new recording will of course still be out of step with what was previously recorded, but the computer will calculate and compensate for that, so that in the end you needn't care about latency.
None of this is just some theoretical mind-exercise to me: my DAW is an aged dual-core Pentium 4. I know about latency! And yet, I still manage to record just fine. This is do-able because I don't monitor the source that's being recorded through the computer.