We demonstrate full frequency conversion in the microwave domain using a Josephson three-wave mixing device pumped at the difference between the frequencies of its fundamental eigenmodes. By measuring the signal output as a function of the intensity and phase of the three input signal, idler, and pump tones, we show that the device functions as a controllable three-wave beam splitter or combiner for propagating microwave modes at the single-photon level, in accordance with theory. Losses at the full conversion point are found to be less than 10(-2). Potential applications of the device include quantum information transduction and realization of an ultrasensitive interferometer with controllable feedback.