295/50R15 is 1.38" shorter than 275/60R15, a −4.92% 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 0.69" (half the diameter change), and the tire needs 0.69" less room above it.
295/50R15 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 15" wheel; the sidewall is 0.69" shorter on 295/50R15.
Details: 275/60R15 in inches · 295/50R15 in inches · change sizes in the calculator