Michael Gregoritsch got the opener before Finnbogason sealed the win that ended any doubt Augsburg would remain in the top flight for next season.
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Iceland striker Finnbogason stars as Augsburg secure survival
Iceland international Alfred Finnbogason set up one goal and scored another as Augsburg beat relegation-threatened Mainz 2-0 in the Bundesliga on Sunday.
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They are in the security of mid-table, while Mainz remain level on points with Freiburg, who occupy the relegation play-off berth with three games remaining.
Hamburg and Cologne sit in the bottom two and look set to drop down automatically into the second tier.
Finnbogason was part of the Iceland side that reached the quarter-finals of Euro 2016 and is set to be part of his country's squad at the World Cup in Russia.
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He produced a superb piece of skill to set up the first-half opener, threading a pin-point pass through for the unmarked Gregoritsch, who had a simple tap-in.
Then, just before the final whistle, the burly Icelandic striker fired home his 12th Bundesliga goal of the season before earning himself a yellow card as he ripped off his shirt in celebration.
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