An ORM will always add some overhead because of the layers of abstraction but unless it is a poorly designed ORM that should be minimal. The time to actually query the database will be many times more than the additional overhead of the ORM infrastructure if you are doing it correctly, for example not loading the full object graph when not required. A good ORM (nHibernate) will also give you many options for the queries run against the database so you can optimise as required as well.
