275/60R20 is 1.61" shorter than 265/70R20, a −4.66% change in diameter. That is more than the 3% many tire shops use as a limit, so plan on recalibrating the speedometer and checking ABS and stability control.
Ground clearance changes by 0.81" (half the diameter change), and the tire needs 0.81" less room above it.
275/60R20 is 0.39" wider. On the same wheel offset about half of that, 0.20", moves toward the suspension and half toward the fender.
Both fit a 20" wheel; the sidewall is 0.81" shorter on 275/60R20.
Details: 265/70R20 in inches · 275/60R20 in inches · change sizes in the calculator