275/65R18 is 0.33" shorter than 305/60R18, a −1.03% change in diameter, inside the 3% range most shops treat as a safe swap.
Ground clearance changes by 0.17" (half the diameter change), and the tire needs 0.17" less room above it.
305/60R18 is 1.18" wider. On the same wheel offset about half of that, 0.59", moves toward the suspension and half toward the fender.
Both fit a 18" wheel; the sidewall is 0.17" shorter on 275/65R18.
Details: 305/60R18 in inches · 275/65R18 in inches · change sizes in the calculator