305/70R16 is 0.61" shorter than 295/75R16, a −1.83% change in diameter, inside the 3% range most shops treat as a safe swap.
Ground clearance changes by 0.31" (half the diameter change), and the tire needs 0.31" less room above it.
305/70R16 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 16" wheel; the sidewall is 0.31" shorter on 305/70R16.
Details: 295/75R16 in inches · 305/70R16 in inches · change sizes in the calculator