Original size was 195/65 R15. 205/55 R16 will give you a 0.4% smaller overall wheel+tire diameter, so your speedometer will read just about accurately. A 215/55 R16 is 1.3% larger in diameter, so your speedo will be 1.3% off. With 215/55 R16 you'll have a tad more sidewall, so the ride will be more compliant. Both of these sizes 205/55R16 and 215/55R16 are approved by the German TUV for 400E which is next highest authority that there is, after @gsxrWill 215/55r16 be okay? Or should I stick to the 205/65r16 size,
With your current size of 205/65 R16 your speedo is off by 6+ percent, so you were going close to 130 mph and not 120 mph

Use this nifty tool to help with visualization Tire Size Calculator - Compare Tire Sizes | Tacoma World
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