315/75R16 is 1.79" taller than 305/70R16, a +5.46% 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 0.90" (half the diameter change), and the tire needs 0.90" more room above it.
315/75R16 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 0.90" taller on 315/75R16.
Details: 305/70R16 in inches · 315/75R16 in inches · change sizes in the calculator