Healing is different with each person. Generally speaking as far a having any pain after the extraction you should feel better in a few days. Just make sure you follow the after care instructions to keep it clean and to heal faster. My friend had 6 teeth pulled at one time and was feeling fine in about 4 days. She is still healing so that has been about two weeks so far but she is healing fine and doing well.
Although you stated that you will not be at this time getting a replacement for the tooth, try looking into the cost of a partial or bridge. They are much cheaper then an implant and you also can get a HMO dental insurance plan or a dental discount plan to help cut the cost of having them.