Consider in simple terms,
Suppose you are writing a letter to someone and if you take 10 minutes to write letter, 5 minutes to get it to the receiver, again ten minutes for reply to reach you
then,
time taken to write letter=overhead
time taken to reach destination once=delay
time taken to get response=latency
So in the above example
overhead=10 minutes
delay=5 minutes
latency=25 minutes