Quote: "roughly twice as much as it should be"
What do you mean?
Mipmaps successively subdivide the image by 2 till you get down to 1x1. This is easy if the original image is a power of two, e.g. 128x128 pixels. You will get the following 8 mipmaps: 128x128, 64x64, 32x32, 16x16, 8x8, 4x4, 2x2, 1x1. Things are not so clear if the original image is not a power of two.
For example, I've just tested a 65x47 image and created mipmaps using the MS DXTex.exe utility. This seems to give the following 7 mipmaps: 65x47, 31x22, 15x10, 7x4, 4x2, 2x1, 1x1.