MUNICIPAL INVESTMENT TRUST FD INSURED SER 407 DEF ASSET FDS, 487, EX-99.C1, 2000-06-02

MUNICIPAL INVESTMENT TRUST FD INSURED SER 407 DEF ASSET FDS
487, EX-99.C1, 2000-06-02

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                                                                     EXHIBIT 5.1
                       CONSENT OF INDEPENDENT ACCOUNTANTS


The Sponsors and Trustee of Municipal Investment Trust Fund, Insured
Series--407, Defined Asset Funds:



We consent to the use in this Registration Statement No. 333-94413 of our report
dated June 2, 2000 relating to the Statement of Condition of Municipal
Investment Trust Fund, Insured Series--407, Defined Asset Funds, and to the
reference to us under the heading "How the Fund Works--Auditors" in the
Prospectus which is a part of this Registration Statement.



DELOITTE & TOUCHE LLP
New York, NY
June 2, 2000