275/35R20 is 0.55" taller than 255/35R20, a +2.04% change in diameter, inside the 3% range most shops treat as a safe swap.
Ground clearance changes by 0.28" (half the diameter change), and the tire needs 0.28" more room above it.
275/35R20 is 0.79" wider. On the same wheel offset about half of that, 0.39", moves toward the suspension and half toward the fender.
Both fit a 20" wheel; the sidewall is 0.28" taller on 275/35R20.
Details: 255/35R20 in inches · 275/35R20 in inches · change sizes in the calculator