Most splitters are the electrical equivalent of a series of two-way splits with each leg losing 3.5 dBmV of signal (sometimes rounded up or down to 3 or 4 dB on the label). The 3-way they used was basically a 2-way with another 2-way on one of the legs, so you had 7 dB loss on two legs and 3.5 on one (they do make "balanced" 3-ways with 5.5 dB loss per leg, however).
With the additional port on a 4-way splitter (the same as another 2-way on the 3.5 leg above), you have equal 7 dB loss on all legs. If you bought an 8-way splitter, you would in effect be adding a 2-way in front of two 4-way splits giving you about 11 dB of loss per port.
All that said, you should be fine installing the 4-way in place of the 3-way. The only port that changes is the one feeding the modem, and in most cases the additional 3.5 dB signal loss won't hurt you.