How to create a virtual audio output and route it in Ubuntu-based distro

I am on elementaryOS 0.4.1 Loki, which is based on Ubuntu 16.04.1. I want to use OBS , a screen recorder, to record gameplay along with the sounds that come from the same video game. I also want to use a voice chat application in the background while playing the game, but I do not want any of it recorded by OBS. OBS can't selectively ignore the audio of certain programs, but it can record sound from a specified input device. **I want to create a virtual input and use pavucontrol's output list to route my voice chat application to that input so it's not picked up by OBS. At the same time, I want this input to play back to a headphone/line out port.** I know this can be done in Windows with software such as Virtual Audio Cables, but I don't know how to do the same thing in Linux. I already attempted to do something with sudo modprobe snd-dummy but it doesn't let me route the dummy to a headphone output. How should I approach this?