Small subs with SMRs will still be more expensive than conventional subs, however, their tactical value is comparable and they're still a lot cheaper than traditional SSNs, right?
You have to take the cost to develop the reactor type into consideration. That alone might run into the billions and take up to a decade. I think that is part of the reason why modern NATO submarines (at least French and UK ones) use the same reactor core for the attack submarines and the strategic ones. Russia also seems to have gone in this direction with most submarines using some variant of the OK-650 reactor be it the Oscar, the Akula, the Yasen, or the Borei.
Because the reactor has moving elements, like pumps, it will be noisier than the batteries. You can use natural circulation in more modern reactors which is a lot quieter but I doubt this works at anything but slow silent running mode. You probably need to engage the pumps to max the reactor output to speed up.
So you would need to spend like a decade designing a reactor at the cost of a billion or more, then you would be producing submarines which might cost close to a billion each. Like half the cost of a large conventional nuclear attack submarine. Because of cramped conditions in submarine it wouldn't be fit for long range patrols like the large ones. Also for that price you likely can buy three conventional submarines and all you need are some batteries and a diesel engine all of which is off the shelf technology.
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